Western Funding Enjoys a Record 2021, Looks to Continue Growth in 2022
FOR IMMEDIATE RELEASE (January 2022): Western Funding Inc. (WFI), a subsidiary of Westlake Technology Holdings, announces a record growth in portfolio payouts, loan portfolio, loans originated, and producing dealers for 2021.
Throughout the year of 2021, WFI demonstrated clear successes:
- $3.5 million in portfolio payouts to over 200 participating dealers
- 100% adoption of e-contracting
- 52% YOY growth in its loan portfolio
- 49% YOY growth in loans originated
- 47% YOY growth in producing dealers
“These successes are a testament to Western Funding’s focus on improving its programs, reducing funding time, and making the loan origination experience better for all participating dealers,” stated Ian Anderson, Group President of Westlake Technology Holdings. “We are looking forward to 2022 and anticipate another impactful year of growth for WFI.”
Additionally, Western Funding adopted a set of values designed to solidify a culture critical to meeting long-term business objectives. The values, referred to by the acronym FASTER, are Fun, Accountable, Strategic, Team-oriented, Efficient, and Respectful. By implementing these values into its day-to-day operations, Western Funding believes that it will continue to create value for participating dealers and consumers.
“I’m extremely proud of the entire Western Funding team,” said Jim Murray, President of Western Funding. “Building a solid culture is hard but our team recognizes that an investment 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 formally recognize and reward its Top Dealers. Visit www.westernfundinginc.com/ for more information.
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 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 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.