Westlake Celebrates $10 Billion in Assets, Sets new $20 Billion Growth Target
FOR IMMEDIATE RELEASE (October 31, 2019): Los Angeles, CA
Westlake Technology Holdings reaches $10 Billion in assets under management milestone ahead of targeted 2022 goal. Westlake has set a new goal of $20 Billion in assets by 2026.
“In 2012 we set the ambitious goal of reaching $10 billion by 2022 and we were able to accomplish this milestone earlier than expected,” stated Ian Anderson, Westlake Technology Holdings Group President. “Our next step is to reach $20 billion in assets by 2026 using the same aggressive market growth our company has implemented.”
Westlake achieved its $10 Billion goal through strong organic growth with Independent and Franchise dealers, the creation of new companies and divisions (Westlake Flooring Services in 2012, Westlake Portfolio Management in 2018, and Westlake Capital Finance in 2019), and the acquisition of existing companies (Western Funding, Inc in 2013 and Credit Union Leasing of America in 2017).
Westlake Financial’s indirect lending portfolio represents approximately 70% of the portfolio with assets worth over $7.01 billion from more than 660,000 accounts. Westlake’s other subsidiaries make up the remaining 30%:
- Credit Union Leasing of America – $2.75 billion
- Westlake Flooring Services – $193.5 million
- Western Funding Inc. – $146.3 million
- Wilshire Consumer Credit – $51.7 million
- Westlake Portfolio Management – $22 million
“Westlake’s employees are an amazing team that embraced our shared vision,” added Bret Hankey, Vice Chairman. “Surpassing $10 Billion is an incredible accomplishment. I have full confidence we will hit our new goal of $20 Billion.”
Westlake Technology Holdings is an auto and finance technology company headquartered in Los Angeles. Currently the largest privately-held lender in auto finance, Westlake has approximately $10.22 billion in assets under management. Major subsidiaries include Western Funding, Wilshire Consumer Credit, Westlake Flooring, Credit Union Leasing of America, Westlake Capital Finance, and Westlake Portfolio Management.
About Westlake Technology Holdings: Westlake Technology Holdings is an auto and finance technology company headquartered in Los Angeles, CA with approximately $10.22 billion in assets under management. Westlake Financial (“Westlake”) 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 its ALPS division (Advanced Lending & Portfolio Services), www.WestlakeALPS.com; floor plan lines of credit are provided through its Westlake Flooring Services division, www.WestlakeFlooringServices.com; shared cash flow auto lending through Westlake’s wholly owned subsidiary, Western Funding Inc., a Nevada based auto lender; indirect automotive leasing for credit unions through Westlake’s subsidiary, Credit Union Leasing of America (CULA); dealer leads and direct-to-consumer auto loans are offered through Westlake Direct; consumer title loans are offered through Westlake’s wholly owned subsidiary Loan Center, www.loancenter.com; and commercial real estate lending is offered through Westlake Capital Finance.