Westlake Advanced Lending & Portfolio Services (ALPS), a division of Westlake Financial Services, announced today the acquisition of a $4.6 million bulk auto loan portfolio, consisting of over 550 buy-here, pay-here contracts from Legends Auto Group and The Car Barn.
“Owners of the dealerships wanted to exit the buy-here pay-here market, so we assessed their needs and quickly developed a strategy for them to accomplish this goal,” Todd Laruffa, assistant vice president and division head of ALPS, said in a company press release. “Our entire closing process was completed within one week.”
The Car Barn and Legends Auto Group are preowned independent auto dealerships based out of Waco, Texas.
Westlake has been taking an “aggressive” stance on acquisitions, David Goff, assistant vice president of marketing at Westlake Financial Services, told AFN in September. ALPS purchased a $5.9 million bulk auto loan portfolio comprised of 750 buy-here, pay-here contracts from two Houston-based dealerships in mid-September.
“Dealerships want to sell off some of their portfolio, and that type of volume has definitely increased for ALPS,” Goff previously said. “We’re aggressive and well-backed, so we’ll continue to do more and more.”
Parent company Westlake Financial Services offers portfolio purchasing through its ALPS division, and flooring lines of credit through Westlake Flooring Services.
