Westlake and Western Funding Now Fund Deals in Real-Time!
LOS ANGELES–(BUSINESS WIRE)–Westlake Financial (WF) and Western Funding (WFI) are now funding deals to their dealer partners in real-time! Through the utilization of alternative data and improved technology, Nowcom automated various processes to fund deals faster. WF and WFI expect to have at least 25% of their total monthly deal volume fully automated, decreasing funding time exponentially.
“When driven people come together to tackle a common objective, special things can happen,” stated Kyle Dietrich, SVP of Originations at WF. “Our team members leveraged cutting-edge tools and technology to expedite our services and fund deals in real-time, revolutionizing the auto industry.”
The full process of funding deals originally took an average of two days but can now be completed instantly. On February 12th, 2022, 126 deals were funded within ten seconds, and that’s just the tip of the iceberg! Now, WF and WFI can provide instant stip verification and speedy eContracting. In the coming months, the companies expect to see improvements in automation efforts across the board.
“Westlake’s services continue to impress me!” stated Micahel Khuu, from Tari Enterprises Inc. “Their utilization of technology leads to great breakthroughs within this industry that allow us to expedite our deal funding process.”
“It is an honor to witness some of the top talents in technology and auto finance as they utilize data and leading-edge technology to produce wonders,” stated Mark Vazquez, Senior Vice President of Sales for WF. “The future for our company is bright and I’m excited to see what we will do next.” Those interested in learning more about Westlake 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 $15 billion in assets under management. Westlake Financial (“Westlake”) originates indirect automotive retail installment contracts through a nationwide network of new and used automotive and power sports dealers. Westlake also offers credit facilities and commercial real estate loans through Westlake Capital Finance (WCF); portfolio servicing through Westlake Portfolio Management (WPM); 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 installment loans are offered through Westlake’s wholly-owned subsidiary LoanCenter, www.loancenter.com; and commercial real estate lending is offered through Westlake Capital Finance.
Contacts
David Goff, VP, Marketing
Email: dgoff@westlakefinancial.com