Lowering operating costs in 2020 is top of mind for Westlake Financial Services Group President Ian Anderson.
“My goal really isn’t growth as much as lowering costs for 2020,” Anderson told Auto Finance News. Currently, Westlake’s operating expense ratio is at 2.58% of overall income, and “our goal is to get below 2% next year,” he said.
To that end, Anderson will push down vendor costs and boost efficiency through automation. Westlake will rely on VisorBot, an automated employee-supervision system the lender developed in 2017. “We continue to automate more and more, which I think has helped us tremendously,” he noted. In 2018, VisorBot helped Westlake cut operating expenditures to 4% of overall income.
Meanwhile, Anderson will focus on getting the products of Westlake Financial Services and the six other Westlake Holdings subsidiaries he helms to work in tandem. “We have seven, eight companies under my world and getting all those to work together and work in concert with each other is very difficult,” Anderson said. For instance, it’s difficult for two companies, such as Westlake Financial and Westlake Flooring Services, to share clients or opportunities, he noted.
“At the end of the day, it’s just really getting people to see the broader focus, and that’s easier said than done,” Anderson explained. To that end, Westlake will likely be more aggressive with incentivizing dealers to use multiple Westlake products for an overall cheaper price, he noted.
For more content like this, join us at the upcoming Auto Finance Accelerate event, March 9-11 at the Omni San Diego. Combining three crucial topics in auto lending and leasing, Auto Finance Accelerate dives into the strategies and knowledge needed to enhance your company’s auto finance sales, marketing, and innovation. Register before Friday, January 31st to save with early registration rates. Visit www.AutoFinanceAccelerate.com to learn more.
