Westlake Announces New Spot Insurance for Dealers

FOR IMMEDIATE RELEASE (May 29, 2018):

Los Angeles, CA –Westlake Financial Services announces a new Spot Delivery Insurance program, which is underwritten by Knight Management Insurance Services, LLC, and now available to its dealer partners in California.  Westlake’s new Spot Insurance program is designed to provide auto dealers short term insurance on the vehicle they have delivered to their customer during the funding process.

Spot insurance gives auto dealers immediate vehicle coverage, eliminating the concern when a customer’s insurance cannot be verified at the time of purchase.  Spot Insurance offers temporary, flexible point of sale policies available for 7 or 14-day coverage that mutually benefits dealerships and their customers, creating a win-win opportunity.

“We are excited to offer an insurance product for dealers that will help get their customers on the road faster with immediate protection during the funding period,” stated Ralph Ontiveros, Vice President of Westlake Services and Lending Solutions.

Every Spot policy comes with five out of the box coverages—bodily injury, property damage, medical payments, comprehensive & collision. Dealers also have the option to purchase uninsured/underinsured motorist insurance.  Spot Insurance is available in the state of California through DealerCenter.

Dealerships interested in learning more about Spot insurance, are invited to contact Westlake’s Insurance Department directly at 1.866.619.2524 or online at https://www.westlakefinancial.com.

About Westlake Technology Holdings: Westlake Technology Holdings is an auto and finance technology company headquartered in Los Angeles, CA with approximately $6.5 billion in assets under management. Westlake Financial Services originates indirect automotive retail installment contracts through a nationwide network of new and used automotive and powersports dealers. Westlake also offers loan portfolio purchasing, credit facilities and portfolio servicing through their ALPS division (Advanced Lending & Portfolio Services); www.WestlakeALPS.com. Floor plan lines of credit are provided through Westlake Flooring Services; www.WestlakeFlooringServices.com, shared cash flow auto lending through Westlake’s wholly owned subsidiary, Western Funding Inc, a Nevada Based auto lender, and indirect automotive leasing for credit unions through Credit Union Leasing of America (CULA), is a subsidiary of Westlake, dealers leads and direct-to-consumer auto loans through Westlake Direct, and direct to consumer title loans are through Westlake’s wholly owned subsidiary Loan Center; www.loancenter.com .