Westlake Technology Holdings Closes 2020 With $12.14 Billion in Assets Under Management
LOS ANGELES–(BUSINESS WIRE)–#AutoFinance–Westlake Technology Holdings reports 14.7% growth over 2019 ending 2020 at $12.14 billion in total managed assets. The company directly attributes this success to the dedication of its employees. Despite the challenges of the COVID pandemic, their employees quickly adapted to remote work and persevered through the year – allowing the company to experience growth over 2019.
Through 2020, Westlake Technology Holdings improved its servicing, expanded relationships with industry partners, and launched new products.
- Westlake Financial continued its strong push in prime credit financing with a 6% increase in prime loan originations for 2020 over 2019
- Overall, 50% of Westlake Financial’s portfolio consists of 600+ FICO customers.
- Western Funding reported a 21% YOY growth in deal volume and 37% growth in producing dealers for 2020.
- Westlake Capital Finance (WCF) closed the year with 152% growth in credit line and commercial real estate loans.
- Credit Union Leasing of America’s lease volume grew 43% in Q4 2020 compared to 2019.
- Wilshire Consumer Credit (WCC) reported a 90% increase in unsecured loans in 2020 compared to 2019 and expanded into 35 new states.
- Westlake Direct pre-qualified over 5,000 customers and routed to auto dealers and reported $100 million in total managed assets.
- Westlake Portfolio Management (WPM) added $300 million in third-party servicing portfolios.
- Westlake Flooring Company increased its portfolio size by 24.8% and had a 42.4% reduction in delinquency over 2019.
“2020 was without a doubt a challenging year,” stated Ian Anderson, Group President of Westlake Technology Holdings. “As a result of the global pandemic, we had to learn and adapt quickly to the changed working environment. We are looking forward to 2021.”
For 2021, Westlake Technology Holdings has set an aggressive goal of 20% growth over 2020. Dealers looking to learn more about Westlake Technology Holdings product offers can visit www.westlakefinancial.com/dealer.
About Westlake Technology Holdings
Westlake Technology Holdings is an auto and finance technology company headquartered in Los Angeles, CA with approximately $12.14 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.
Contacts
David Goff, VP, Marketing
dgoff@westlakefinancial.com