Co-Manager
Westlake Services, LLC
Debt Capital Markets
Asset-Backed Securitization
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.
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