Westlake Services, LLC | Stephens

Who We Are

What We Do

We provide investment banking, research, sales and trading, asset and wealth management, public finance, insurance, private capital, and family office services.

About Us

We are a family-owned financial services firm that values client relationships, long-term stability, and supporting the communities where we live and work.

The Stephens Story

The idea of family defines our culture, because each of us knows that our reputation is on the line as if our own name was on the door.


Our reputation as a leading independent financial services firm is built on the stability of our longstanding and highly experienced senior executives.

Impact Initiatives

We are committed to corporate philanthropy; economic and financial literacy advocacy; and diversity, equity, and inclusion initiatives.

Our Brand Ambassadors

Stephens is proud to sponsor the PGA TOUR, LPGA Tour, and PGA TOUR Champions careers, as well as applaud the philanthropic endeavors, of our Brand Ambassadors.

Making Connections

We host many highly informative meetings each year with clients, industry decision makers, and thought leaders across the U.S. and in Europe.

Back to transactions

Westlake Services, LLC

$1.5 Billion 03/14/2024 Specialty Finance Complete
Private Companies
Show Tombstone

Transaction Details

  • On March 14, 2024, Westlake Services, LLC (“Westlake” or the “Company”) sponsored a private offering of asset-backed securities (the “Notes”).
  • The offering consisted of eight classes of Notes totaling $1.5 billion and represents the first term assetbacked securitization in 2024 for Westlake.
  • The Company has sponsored 33 subprime auto loan asset-backed securitizations since May 2010.
  • The collateral pool was originated through independent and franchise dealers with an average loan size of $14,754, an original loan term of 61 months, and an APR of 19.70%.

About the company

Founded in 1978 and led by Don Hankey of the Hankey Group, Westlake is a Southern California-based company focused on acquiring andservicing subprime, near-prime, and prime automotive retail installments contracts in all 50 states, with primary concentrations in CA, TX, FL, CO andNY. The Company’s centralized operations center is located in Los Angeles, CA. Westlake is a privately held company that is 100% owned byNowlake Technology, LLC (“Nowlake”). Nowlake is owned primarily by Don Hankey and family (69.5%), Marubeni Auto Investment Holding, LLC(21.7%), a subsidiary of a large multi-national trading corporation, certain executives and an employee stock ownership plan (8.8%). Nowlakerepresents the largest company in the Hankey Group. As of January 31, 2024, Westlake had a serviced portfolio of over $17.2 billion, $3.6 billion inequity and total assets of $22.4 billion. For more information, please visit www.westlakefinancial.com.

Sources: KBRA and the Company.
  1. This material has been prepared solely for informational purposes as of its stated date. It is not a solicitation, recommendation or offer to buy or sell any security and does not provide information on which an investment decision to purchase or sell any securities could be based. It does not purport to be a complete description of the securities, markets or developments referred to in this material. All information and data included in this material has been sourced from company announcements and other sources cited in this material, but Stephens has not independently verified such information and does not guarantee that it is accurate or complete. No subsequent publication or distribution of this material shall mean or imply that any such information remains current at any time after the date of preparation of this material. Stephens does not undertake to advise you of any changes in any such information. Additional information is available upon request.

    “Stephens” (the company brand name) is a leading family-owned investment firm that includes Stephens Inc. (member NYSE/SIPC), Stephens Investment Management Group, LLC, Stephens Insurance, LLC, Stephens Capital Partners LLC and Stephens Europe Limited (Registered office: 12 Arthur Street, London, EC4R 9AB, Registered number 8817024), which is authorised and regulated by the Financial Conduct Authority. © 2024 Stephens.