Westlake Financial Services has recently added $100 million to a credit facility. This is in addition to a $200 million commercial paper conduit through Royal Bank of Scotland that was executed in 4Q11, raising the total capacity to $300 million.
"With this new source of liquidity, Westlake is extremely well positioned to expand and continue the record growth that we have been experiencing since our incorporation 25 years ago," said Westlake’s CFO Paul Kerwin.
Southern, CA-based Westlake is an internet based, privately held finance company that specializes in the acquisition and servicing of sub-prime to prime automotive retail installment contracts. Westlake originates indirect retail installment contracts through a network of over 15,000 new and used car dealers throughout the United States. As of Q2-2012, Westlake is the most-used auto finance company by independent dealers in the US, Experian AutoCount data.
“Strong financial partners like RBS, JP Morgan, Wells Fargo, and others are the key to Westlake's expanding portfolio of services," said President Ian Anderson. "We have nearly doubled our sales rep force since last year, expanded our consumer finance and portfolio services divisions, as well as entered into new areas like flooring (with Westlake Flooring Services). The future looks bright and we look forward to our continuing partnership."