LAS VEGAS–(BUSINESS WIRE)–January 31, 2022–
Western Funding Inc. (WFI), a subsidiary of Westlake Technology Holdings, announces record growth in portfolio payments, loan portfolio, loans originated and dealer-producers for 2021.
Throughout 2021, WFI demonstrated clear successes:
- $3.5 million in wallet payments to over 200 participating dealers
- 100% adoption of electronic contracts
- 52% year-on-year growth in its loan portfolio
- 49% year-over-year growth in loans issued
- 47% year-on-year growth in producing dealers
“These successes are a testament to Western Funding’s focus on improving its programs, reducing time to finance and improving the loan origination experience for all participating dealers,” said Ian Anderson, chairman of Westlake Technology Holdings. “We look forward to 2022 and anticipate another year of impactful growth for WFI.”
In addition, Western Funding has adopted a set of values designed to nurture a culture essential to achieving long-term business goals. The values, designated by the acronym FASTER, are Fun, Accountable, Strategic, Team-oriented, Efficient and Respectful. By implementing these values in its day-to-day operations, Western Funding believes it will continue to create value for participating dealers and consumers.
“I am extremely proud of the entire Western Funding team,” said Jim Murray, President of Western Funding. “Building a strong culture is difficult, but our team recognizes that investing in a strong culture will increase the likelihood of delivering the innovation needed to better serve our customers in the future.”
Western Funding expects continued growth in 2022 by continuing to improve its program, adding Near Prime and Prime credit segments, and reaching out to new dealer segments. WFI will also introduce a program designed to officially recognize and reward its top dealers. Visit www.westernfundinginc.com/ for more information.
About Westlake Technology Holdings
About Westlake Technology Holdings: Westlake Technology Holdings is an automotive and financial technology company headquartered in Los Angeles, California with approximately $15 billion in assets under management. Westlake Financial (“Westlake”) originates indirect automotive retail contracts through a nationwide network of new and used automobile and powersports dealerships. Westlake also offers loan portfolio purchases, credit facilities and portfolio services through its Advanced Lending & Portfolio Services (ALPS) division, www.WestlakeALPS.com; floor plan lines of credit are provided through its Westlake Flooring Services division, www.WestlakeFlooringServices.com; cash flow shared auto lending through Westlake’s wholly-owned subsidiary, Western Funding Inc., a Nevada-based auto lender; indirect auto 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 loans are offered by Westlake Capital Finance.
See the source version on businesswire.com: https://www.businesswire.com/news/home/20220131005162/en/
CONTACT: For more information, contact:
David Goff, Vice President, Marketing
Email: [email protected]
KEYWORD: UNITED STATES NORTH AMERICA NEVADA
SECTOR KEYWORD: FINANCE BANKING FLEET MANAGEMENT PROFESSIONAL SERVICES AUTOMOTIVE
SOURCE: Western Funding Inc.
Copyright BusinessWire 2022.
PUBLISHED: 01/31/2022 12:30 PM / DISK: 01/31/2022 12:32 PM
Copyright BusinessWire 2022.