Westlake Names New President, Change to Credit Facility
LOS ANGELES — Westlake Financial's Board of Directors announced recently announced a new president. Taking on the position is Ian Anderson, who had been serving as senior vice president of production, business strategy and analytics since joining the company in 2005.
Don Hankey, Westlake's chairman of the board and acting president, said, "Our industry has faced many challenges over the past year and the entire Westlake team has responded by focusing on our goals and executing on our business plan.
"I am confident Ian will continue to lead Westlake in the right direction. He has been an integral part of our success since he arrived at Westlake in 2005. Under his guidance he has developed a risk management department that is second to none. He has been instrumental in overseeing significant changes in our underwriting and helped develop new processes in our origination departments," he added.
As president, Anderson will continue to focus on Westlake's national growth as well as further development of its full spectrum of lending products.
"We are signing over 250 dealers a month, so we want to give our expanding dealer network the best tools to do business with," Anderson noted. "We are constantly refining the Buy Program to work smarter, price better for performance and be easier to use."
In addition, Anderson said another company focus will be expanding its strategic alliances with other leaders in the auto industry.
"The goal is to align Westlake with companies that are the best in their field. We can then pass along the benefits of those alliances to our dealer network. Put simply, we want our dealers to be able to sell more cars," he pointed out.
"We have a great management team lead by Paul Kerwin, chief financial officer; Mike Pavlin, senior vice president of operations; and Mike Duke, senior vice president of servicing," Anderson highlighted. "It is with their continued guidance and leadership we will continue to improve in all areas of our company."
Prior to joining Westlake, Anderson held positions at Bayview Acceptance and Triad Financial as a loan officer, marketing representative, risk analyst, six sigma black belt and product manager.
Hankey will continue to serve as chief executive officer and chairman of the board.
Company Announces Change to Credit Facility
Westlake also recently announced that it has entered into a new line of credit facility with a commercial bank syndicate led by Wells Fargo Preferred Capital.
The new facility increases the company's line of credit capacity from $130 million to $190 million.
"Westlake is excited about its new banking relationship with Wells Fargo and the ongoing commitment from the existing participants in the facility," said Kerwin, CFO.
"The increase in our facility and our current excess cash reserves will enable us to increase our product offerings to our dealers and continue our expansion," he continued.
Anderson added that the increased credit facility can provide dealers confidence in a turbulent marketplace.
"Dealers are placing an increasing significance on lender stability and strength considering the ongoing cutbacks from their lenders," he explained. "This announcement sends a strong message that Westlake is committed to offering dealers a full spectrum of financial products, 24/7 availability and industry-leading service."
For more information on the company, visit www.westlakefinancial.com.