March 16, 2023 06:15 PM Eastern Daylight Time LOS ANGELES--(BUSINESS WIRE)--Westlake Technology Holdings, a leading auto fintech company, announces strong 2022 results from all companies. Each company saw steady YOY growth, improved operational efficiency, and the implementation of new programs driven by the consistent hard work and dedication of its employees.
“Between the efforts of the employees, the implementation of new programs, and steady YOY growth Westlake Technology Holdings saw strong 2022 results”
“2022 focused on the synergy between our companies,” stated Ian Anderson, Group President of Westlake Technology Holdings. “Throughout the year we looked for innovative ways of improving operation efficiencies to grow our businesses.” Westlake Holdings ended the year at 20.1 billion in assets under management, up from 16 billion in 2021.
In 2022 Westlake Technology Holdings reported the following:
- Westlake Financial automated origination processes for improved efficiency, allowing some organic deals to be funded to the dealer in as fast as 4 seconds! Westlake’s portfolio ended with 15 billion outstanding
- Western Funding saw 58% YOY growth in booked contracts and a 62% growth in producing dealers. Western Funding increased total earning assets 74% YOY from $339 MM to $550 MM
- Westlake Capital Finance (WCF) introduced solar, home improvement, and elective medical asset classes to its capital line offerings! WCF increased total earning assets 26% YOY from $31 MM to $40 MM
- Wilshire Consumer Credit (WCC) increased total earning assets by 46% from $154 MM to $224 MM
- Westlake Direct grew its net income by 29.9% YOY through the deployment of originations in Point of Sale and Refinance program while its portfolio went from $237 MM to $236 MM
- Westlake Portfolio Management (WPM) experienced a 138% increase in managed loan portfolios YOY from $268 MM to $639 MM
- Westlake Flooring hits its record net income goal of $34M and is aiming higher in 2023 while its earning assets increased 27% from $292 MM to $372 MM
- Credit Union Leasing of America experienced a 41% YOY increase in participating auto dealers, with 7 new credit union relationships and 9 states added to their loan origination portfolio
- Global Track LLC. increased total net income by 153% YoY
- Northlake increased total earning assets by 340% YoY
“Between the efforts of the employees, the implementation of new programs, and steady YOY growth Westlake Technology Holdings saw strong 2022 results,” said Paul Kerwin, Chief Financial Officer. “We look forward to 2023 and the successes our employees will bring to the table.”
Westlake Technology Holdings currently exceeds $20 billion in total assets. Those interested in learning more can visit www.westlakefinancial.com.
About Westlake Technology Holdings: Westlake Technology Holdings is an auto and finance technology company headquartered in Los Angeles, CA with approximately $20 billion in assets under management. Westlake Financial (“Westlake”) originates indirect automotive retail installment contracts through a nationwide network of new and used automotive and power sports dealers. Westlake also offers credit facilities and commercial real estate loans through Westlake Capital Finance (WCF); portfolio servicing through Westlake Portfolio Management (WPM); 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.
