LAS VEGAS–(BUSINESS WIRE)–Western Funding Inc. (WFI), a subsidiary of Westlake Technology Holdings and an integral part of the Nowlake Group, proudly announces another remarkable year of expansion and achievement in 2023.
Highlights for 2023 include:
- 60% YOY growth in its loan portfolio.
- 39% YOY growth in loans originated.
- 27% YOY growth in producing dealers.
- $1.6 million paid out in profit sharing to participating dealers.
- $450 Million Warehouse Line established with a group of banks.
- Honored as a Top Workplace in the state of Nevada.
“I’m proud of the Western Funding team! We continue to focus on improving our relationship with our dealers, our consumers, and our employees. This focus has resulted in strong 2023 growth and a Top Workplace of Nevada recognition for our company,” stated Jim Murray, President of Western Funding.
The incredible growth is enabled by the deepening of the synergy between the other companies under the Nowlake Group, including Westlake Financial, Westlake Flooring, and Nowcom.
“In 2023, the continued synergy between Western Funding and the other subsidiaries has been able to propel its impressive growth,” stated Ian Anderson, Group President of Westlake Technology Holdings. “The year-over-year growth, coupled with the attainment of a $450 million Warehouse Line milestone, are just 2 examples that distinguish them as industry standouts poised for accelerated success in 2024.”
Western Funding projects continued growth in 2024 by furthering its expansion of new dealer segments and continuing its integration with sister companies to provide more services to dealers and consumers. To learn more about Western Funding Incorporated 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 $24 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; and commercial real estate lending is offered through Westlake Capital Finance.
Contacts
David Goff, VP, Marketing
Email: dgoff@westlakefinancial.com
