The information presented below is provided in accordance with requirements under the Code of Federal Regulations, Chapter II-Securities and Exchange Commission, Part 240-General Rules and Regulations, Securities Exchange Act of 1934-Rules Relating to Over-the-Counter Markets, Rule 15c2-11(b)(5)(i), Referenced by (b)(5)(ii).
Western Funding Incorporated (WFI) is a privately held, indirect lender in the automobile finance space. WFI was founded in 1962 and was acquired out of bankruptcy in 2013 by its parent company, Westlake Financial Services. Presently, WFI is operating in all U.S. states except the State of New York, where licensure is pending.
WFI has a target market of all franchise and independent automobile dealers in the US that sell automobiles and arrange financing of such sales for sub-prime consumers. WFI competes with all other lenders and dealerships that offer automobile financing. Key competitors include Credit Acceptance Corporation (same business model), United Auto Credit Corporation (UACC), Lendbuzz, and Veros.
WFI employs both an internal (located in Las Vegas) and external (located in-market) sales force to identify and enroll prospective dealers. All executive, risk assessment, loan funding reviews, and dealer compliance activities are handled by teams located in its Las Vegas, NV headquarters. Loan servicing is handled by teams in Los Angeles, CA, and at the Las Vegas, NV headquarters.
As of December 31, 2024, WFI employs approximately 153 team members in total across the United States and approximately 68 team members in Mexico and the Philippines for a total of 221. This does not include the shared resources of Westlake’s servicing team.
An executive management team, headed by President James Murray, leads the company’s day-to-day operations. There is an organizational hierarchy consisting of executives, managers, and supervisors, each of whom is experienced and skilled in their respective roles. Management receives regular training and updates on changes in the automobile industry, including the regulatory environment. Management understands the importance of striking a balance between the pursuit of business growth while meeting all applicable compliance and legal requirements for the industry.