Westlake ALPs in auto deals

Westlake Advanced Lending & Portfolio Services (ALPS), a division of Westlake Financial Services, has announced the formation of a $3 million revolving credit line with Star Finance, based in Hot Springs, Arkansas, which is an affiliate of Lloyd’s Auto Sales.

“We are excited to establish a partnership with Lloyd’s as they have proven to be a strong counterparty for Westlake Financial,” stated Todd Laruffa, assistant vice president and division head of ALPS. “Their business philosophy and growth strategy over the past 26 years is in line with Westlake’s vision, so we believe this partnership will be advantageous for both parties.”

Westlake ALPS has replaced Capital One Auto Finance as Lloyd’s exclusive institutional lender, providing them with a secured revolving credit line to facilitate receivables growth for the next two years.

Lloyd’s is a pre-owned independent auto dealership based out of Hot Springs, Arizona and serves the entire state. “I now have much needed capital at an affordable rate to help my portfolio grow and expand my business. I look forward to a long and healthy relationship with Westlake,” commented Lloyd Robertson, owner of Star Finance.

Westlake Financial Services’ ALPS division specializes in providing revolving credit lines to independent auto dealers throughout the US and performing and distressed sub-prime loan portfolio acquisitions from Buy-Here Pay-Here (BHPH) dealerships and finance companies.

The company has recently also announced the acquisition of a $5.9 million bulk auto-loan portfolio from a financial institution in Texas. The portfolio consists of over 750 Buy-Here Pay-Here contracts from two dealerships located in Houston.

Ian Anderson, group president of Westlake Financial Services, said: “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.”