Advanced Lending & Portfolio Services (ALPS), a division of Westlake Financial Services Inc., this week acquired a $5.9 million bulk auto loan portfolio comprised of 750 buy-here, pay-here contracts from two Houston-based dealerships.
David Goff, assistant vice president of marketing at Westlake Financial, said ALPS is a growing division for the company. “Dealerships want to sell off some of their portfolio, and that type of volume has definitely increased for ALPS,” Goff told AFN. “We’re aggressive and well-backed, so we’ll continue to do more and more.”
Might the sector experience increased consolidation? “Dealers are being smarter about how they deal in the market,” Goff said. “Maybe some will go away, but others will want to change direction and offload their portfolios.”
Parent Westlake Financial Services offers portfolio purchasing through its ALPS division, and flooring lines of credit through their Westlake Flooring Services division.
“We realized this was a unique opportunity for ALPS, as most lenders are not capable of accommodating the unique requirements of both the bank and the dealership,” Todd Laruffa, assistant vice president and division head of ALPS, said in the release. “After understanding the end goals of both parties, we were pleased to accommodate the needs of everyone and complete a successful transaction for all involved.”
