| 1978 |
Westlake Financial Services was founded as the Buy-Here-Pay-Here division of the Hankey Automotive Group. |
| 1986 |
Implemented the first Buy Program™ |
| 1991 |
Developed a more refined version of The Buy Program™ and began offering servicing and collections of accounts to selected franchise dealers throughout Los Angeles on a “full recourse” basis |
| 1994 |
Introduced the first “non-recourse” Buy Program™ to Southern California dealers, phasing out origination of “service only” portfolios |
| 1995 |
Experienced 35% portfolio growth with the implementation of the DOS-based Buy Program™ that generated approvals 24/7/365 with terms that the dealer controlled |
| 1997 |
Launched the internet-based “under-writing” system using to track the flow of contracts from start to finish in a real-time basis via DealerCenter website |
| 1998 |
Implemented “Preferred” and “Platinum” programs and a profit-sharing ProfitBuilder™ program was added |
| 1999 |
Achieved 1,000 deals in one month |
| 2001 |
Established title loan subsidiary called 1(800) Car-Title; Developed Windows version of Buy Program™ to include the Auto Calculation of Discount |
| 2002 |
Improved Buy Program™ to begin parsing bureau for auto scoring |
| 2006 |
Achieved business with 1,000 dealers |
| 2007 |
Subsidiary 1(800) Car-Title originates $1 million in a month |
| 2008 |
Achieved more than $1,000,000 in recovery |
| 2009 |
Awarded Auto Finance Company of the Year from Ford Motor Credit & Chase Bank; Integrated with RouteOne’s credit application management system; Reached milestone of 100,000 customers |
| 2010 |
Achieved 10,000 deals in one month; Established portfolio acquisition division called Advanced Lending and Portfolio Services (ALPS) |
| 2011 |
Subsidiary 1(800) Car-Title celebrated its 10 Year Anniversary; Ranked the 63rd Largest and 80th Fastest Growing Private Company by the L.A. Business Journal; Started loan originations in Massachusetts, making Westlake a 50-state national lender; Portfolio reached $1 billion dollars in total receivables with more than 150,000 accounts; Japanese conglomerate Marubeni Corporation invested $250 million dollars taking a 20 percent ownership stake in Westlake |
| 2012 |
Developed a partnership with Carmax; Ranked the 51st Fastest Growing Private Company by the L.A. Business Journal; Established Westlake Services and Lending Solutions (WSLS) division to provide leads to partner dealerships |
| 2013 |
Integrated with Dealertrack and expanded the relationship with RouteOne Integration for franchise dealers; Received the “Largest Fastest Growing Private Company” award by the L.A. Business Journal; Established Westlake Flooring Services division to provide dealerships with flooring lines of credit; Signed 15,000 dealers and funded more than any other year with $1.3 Billion in purchase contracts |
| 2014 |
Westlake launches partnership with Kawasaki and begins financing PowerSports vehicles; Developed a partnership with Enterprise Car Sales; Acquired Western Funding Incorporated |
| 2017 |
Westlake expands its investment footprint with the acquisition of Credit Union Leasing of America (CULA); Westlake starts originating loans in Puerto Rico |
| 2018 |
Westlake Portfolio Management (WPM), a third-party servicing company, is established |
| 2019 |
Westlake hit a record of 40,000 deals in one month; Westlakes expands into Canada with a strategic partnership with Axis Auto Finance |
