Westlake Financial Services continues to broaden its portfolio of services.
On the heels of rolling out a product geared for paper in the prime space, the company this week launched Westlake Portfolio Management (WPM), a new business offering third-party servicing solutions to dealers, finance companies and investors of auto loan portfolios.
The company highlighted WPM will handle the customer service, collections, repossessions, remarketing and titles administration on third-party auto finance portfolios. Westlake said this solution can allow dealers, investors and finance companies to increase effectiveness with the best team of service professionals in the industry.
“Westlake’s servicing department operates at high efficiencies and provides exceptional customer service,” stated Brian Renfro, senior vice president of servicing at Westlake.
“Our third-party servicing solution will provide various partners access to this experienced team of service professionals, along with streamlined services to better collect on their auto loan portfolios,” Renfro continued.
With the launch of Westlake Portfolio Management’s new third-party servicing solutions, Westlake Advanced Lending & Portfolio Services (ALPS), a division of Westlake Financial Services, announced a servicing partnership with a private equity owned sub-prime auto portfolio. This shared portfolio has more than 7,300 accounts and unpaid principal balance of $65 million.
“The establishment of Westlake Portfolio Management is a natural fit for Westlake as we have been acquiring and servicing portfolio purchases for many years,” added Todd Laruffa, vice president and division head of ALPS. “In particular, this will present additional opportunities for potential partnerships with industry investors and auto finance companies.”
Westlake Financial Services is active in all 50 states Puerto Rico, with a dealer base of more than 30,000 franchise and independent dealerships. Dealerships interested in learning more about Westlake Financial Services are invited to Westlake directly at (888) 893-7937 or online at .