Westlake Technology Holdings Celebrates Strong Growth in 2021 | Business
LOS ANGELES–(BUSINESS WIRE)–March 7, 2022–
Westlake Technology Holdings celebrates strong growth in 2021, surpassing $15 billion in assets under management. Thanks to the determination of Westlake employees and management, Westlake is on track to surpass its original goal of $20 billion in assets by 2026.
“We are fortunate to have a group of committed employees,” said Paul Kerwin, chief financial officer of Westlake Technology Holdings. “Thanks to their efforts, all companies exceeded their 2021 targets.”
In 2021, Westlake Technology Holdings reported the following:
- Westlake Financial continued its strong push in prime credit funding with a 49% increase in prime loan originations for 2021 compared to 2020.
- Western Funding announced a record year of growth for 2021, reporting annual transaction volume growth of 49% and annual producer dealer growth of 47%.
- Westlake Capital Finance (WCF) continued to grow in 2021. WCF’s net income grew 58% year-over-year, increasing its assets under management through revolving credit facilities and real estate loans.
- WCF has expanded its services to offer revolving line of credit rates as low as 5.99% for qualified resellers.
- Wilshire Consumer Credit (WCC) posted a 67% increase in net income and reported total assets under management of $150 million.
- Westlake Direct recorded 122.84% annual growth in trading volume, growing its portfolio to $230 million, while expanding to 41 markets and opening outlets.
- Westlake Portfolio Management (WPM) has expanded its services to unsecured loans, credit cards and medical/dental loans!
- Westlake Flooring Company ended its year with a portfolio of $287 million, a 58% increase over 2020.
- Credit Union Leasing of America’s rental volume increased 93% in 2021 compared to 2020!
“I look forward to another year of strong growth within the industry,” said Ian Anderson, group president of Westlake Technology Holdings. “Despite the ongoing pandemic and the various challenges encountered, our employees have remained diligent and hardworking to ensure a successful 2021!”
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 by 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, loancenter.com; and commercial real estate loans are offered by Westlake Capital Finance.
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KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA
INDUSTRY KEYWORD: PROFESSIONAL SERVICES AUTOMOTIVE OTHER AUTOMOTIVE COMMERCIAL BUILDING & REAL ESTATE FINANCE CONSTRUCTION & PROPERTY BANK
SOURCE: Westlake Technology Holdings
Copyright BusinessWire 2022.
PUB: 07/03/2022 12:30/DISC: 07/03/2022 12:32
Copyright BusinessWire 2022.