LOS ANGELES–(BUSINESS WIRE)–Westlake Portfolio Management (“WPM”), a loan servicer located in Los Angeles, California, announces they have entered into a servicing partnership with Nicholas Financial, an auto and consumer loan finance company based in Clearwater, Florida.
Beginning December 1, 2022, WPM began providing servicing operations for Nicholas Financial’s existing portfolio, which includes 24,000 active and charge-off loans with a total principal balance of approximately $165 million. WPM will also handle the servicing for Nicholas Financial’s new loan originations.
“We are extremely excited about our partnership with Nicholas Financial. Nicholas has an excellent reputation in the industry and a very experienced and talented management team. As their servicing partner, we can offer our scale and expertise which will allow Nicholas to optimize the productivity and performance,” says Todd Laruffa, Vice President of Westlake Portfolio Management.
As part of Nicholas Financial’s ongoing restructuring plan, the goal of the partnership with WPM is to revamp its operational structure and alleviate additional expenditures by utilizing Westlake Portfolio Management’s technology, scale, and experience.
“When reaching this decision, Westlake was the clear choice to begin this business venture with, and we are looking forward to this future partnership,” says Mike Rost, CEO of Nicholas Financial. “We have no doubt that they will surpass our expectations while simultaneously helping to make this an easy transition toward the new direction our company is heading.”
Westlake Portfolio Management, a subsidiary of Westlake Technology Holdings, offers secondary, backup, and white-label servicing with the infrastructure to support medium to large-scale portfolios. Finance companies, dealerships and auto loan holders interested in learning more about WPM are invited to contact WPM directly at 1.877.733.5190 or online at www.wpmservicing.com.
About Westlake Technology Holdings: Westlake Technology Holdings is an auto and finance technology company headquartered in Los Angeles, CA with approximately $15 billion in assets under management. Westlake Financial (“Westlake”) originates indirect automotive retail installment contracts through a nationwide network of new and used automotive and power sports dealers. Westlake also offers credit facilities and commercial real estate loans through Westlake Capital Finance (WCF); portfolio servicing through Westlake Portfolio Management (WPM); floor plan lines of credit are provided through its Westlake Flooring Services division, www.WestlakeFlooringServices.com; shared cash flow auto lending through Westlake’s wholly-owned subsidiary, Western Funding Inc., a Nevada based auto lender; indirect automotive leasing for credit unions through Westlake’s subsidiary, Credit Union Leasing of America (CULA); dealer leads and direct-to-consumer auto loans are offered through Westlake Direct; consumer installment loans are offered through Westlake’s wholly-owned subsidiary LoanCenter, www.loancenter.com.
David Goff, VP Marketing