Advanced Lending & Portfolio Services (ALPS), a division of Westlake Financial Services, announced the acquisition of a $5.9 million bulk auto-loan portfolio from a financial institution in Tyler, Texas.

Officials highlighted the portfolio consists of more than 750 contracts from two buy-here, pay-here dealerships located in Houston. The average balance per contract computed to be nearly $7,900.

“We realized this was a unique opportunity for ALPS, as most lenders are not capable of accommodating the unique requirements of both the bank and the dealership,” said Todd Laruffa, assistant vice president and division head of ALPS.

“After understanding the end goals of both parties, we were pleased to accommodate the needs of everyone and complete a successful transaction for all involved,” Laruffa continued.

“We help dealers and lenders with liquidating assets in a quick and efficient manner; our entire closing process usually takes between two to three weeks to finalize a deal this size,” he went on to say.

Laruffa maintained that Westlake ALPS thrives on these types of unique opportunities and its ability to customize purchases to meet any seller’s current situation provides a strategic advantage.

“When dealers work with ALPS, we offer them liquidity while providing their customers with exceptional service,” said Ian Anderson, group president of Westlake Financial Services who also will be part of the collection of executives on hand for the SubPrime Forum during Used Car Week at the Red Rock Resort and Casino in Las Vegas on Nov. 14-18.

“The Westlake ALPS team reached another milestone with this large acquisition and we significantly expanded our business while providing advantageous solutions to both the bank and dealership involved in the transaction,” Anderson went on to say.

Dealerships, brokers and finance companies interested in learning more about Westlake’s ALPS can contact the company directly at (888) 937-2577.