LOS ANGELES -

Fueled in part by blossoming relationships with industry players such as CarGurus, Westlake Technology Holdings recently announced that it reached $10 billion in assets under management milestone ahead of its targeted goal of hitting the milestone in 2022.

Westlake responded by setting a new goal of $20 billion in assets. When does the company want to reach that target? Leadership said in a news release that it’s looking to secure that tally by 2026.

“In 2012, we set the ambitious goal of reaching $10 billion by 2022, and we were able to accomplish this milestone earlier than expected,” Westlake Technology Holdings Group president Ian Anderson said in that news release.

“Our next step is to reach $20 billion in assets by 2026 using the same aggressive market growth our company has implemented,” Anderson continued.

As Anderson referenced, Westlake explained that it achieved its $10 billion goal through strong organic growth with independent and franchised dealers and the creation of new companies and divisions. Those new entities include Westlake Flooring Services in 2012, Westlake Portfolio Management in 2018 and Westlake Capital Finance in 2019.

Westlake also grew through the acquisition of existing companies — Western Funding in 2013 and Credit Union Leasing of America in 2017.

Westlake Financial’s indirect lending portfolio represents approximately 70% of the portfolio with assets worth more than $7.01 billion from more than 660,000 accounts. Westlake’s other subsidiaries make up the remaining 30%:

• Credit Union Leasing of America: $2.75 billion

• Westlake Flooring Services: $193.5 million

• Western Funding: $146.3 million

• Wilshire Consumer Credit: $51.7 million

• Westlake Portfolio Management: $22 million

 “Westlake’s employees are an amazing team that embraced our shared vision,” vice chairman Bret Hankey added. “Surpassing $10 billion is an incredible accomplishment. I have full confidence we will hit our new goal of $20 billion.”