LOS ANGELES–(BUSINESS WIRE)–lt;a href=”https://twitter.com/hashtag/autofinance?src=hash” target=”_blank”gt;#autofinancelt;/agt;–Westlake Technology Holdings announced today its portfolio grew 35% in
2018, finishing at an all-time high of $8.33 billion in assets under
management. Core automotive indirect lending originations and a
reduction in net loss percentage contributed to this growth.
Westlake’s core indirect lending operations delivered 40.5% growth over
2017 while 31+ day delinquency fell by 9.0%. These reduced delinquencies
led in part to a 5.6% drop in net losses as a percent of total assets.
Westlake’s 2018 mix of originations continued to move toward a more
full-spectrum portfolio, as near-prime and prime credit tiers (defined
as contracts with FICO scores of 600+) represented 40.5% of 2018 deals.
“2018’s success was made possible by our outstanding employees,
implementation of the latest technology, and the commitment to achieving
our goals,” added Ian Anderson, Group President of Westlake Technology
Holdings. “For 2019 we project another strong year with increased growth
and market share across all our companies.”
Besides indirect lending, Westlake Financial’s other companies saw
tremendous growth as well:
Western Funding, Inc. ended 2018 with a 76.6% YOY growth, 12.5%
reduction in 31+ day delinquencies, and 18.4% drop in net loss
Wilshire Consumer Credit decreased its 31+ delinquency by 17.8% with a
13.2% drop in net loss percentage.
- Credit Union Leasing of America (CULA) grew 29.5% this past year.
Westlake Flooring Services grew 33.0% YOY with a 69.5% reduction in 1+
day delinquency and 79.1% drop in net loss percentage.
Westlake’s newest company, Westlake Portfolio Management (WPM),
enjoyed strong first year success with $350 million in portfolio
servicing of active and inactive accounts.
“2018 was a great year for us because we increased market share while
maintaining profitability,” stated Paul Kerwin, Chief Financial Officer
of Westlake. “We set aggressive goals, and our employees did an amazing
job executing the plan.”
For 2019, Westlake Technology Holdings is targeting 20% growth over 2018
and expansion of its direct lending platform on LoanCenter.com.
Dealerships interested in learning more about Westlake Financial
Services are invited to contact Westlake directly at 1.888.893.7937 or
online at www.westlakefinancial.com.
About Westlake Technology Holdings: Westlake Technology Holdings
is an auto and finance technology company headquartered in Los Angeles,
CA with approximately $8.33 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 their 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, 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
David Goff, VP, Marketing