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Westlake Calls on Dealers to Use Automated Payoff Tool Amid Recent Success

Westlake Financial Services is on pace to have about 10% of its payoffs transacted with Dealertrack's automated payoff and title release platform — its most successful month since signing up for the tool in November 2018, said company Senior Vice President of Sales and Marketing Mark Vazquez. This month is likely to be the lender’s […]

Westlake Exec Joins Speaker Faculty at Auto Finance Sales & Marketing Summit

Westlake Financial Services Senior Vice President of Sales & Marketing Mark Vazquez has joined the  Auto Finance Sales & Marketing Summit speaker faculty to share lender best practices on presenting a company’s value proposition to attract more consumers. Vazquez takes the stage on May 13 at 11:15 a.m. PT for a presentation where he’ll touch […]

California Growth Spurs Further Expansion for Digital Marketplace CarZing

CarZing is looking to increase southern California loan volume in the next three to four months before expanding its presence outside the state, President Jay Kamdar told Auto Finance News. CarZing, an online marketplace that connects dealers with consumers and lenders, is owned by Hankey Group, which also owns Westlake Financial Services. “Westlake and CarZing have a joint venture where the […]

Westlake Financial to Launch Peer-to-Peer Lending This Year

Westlake Financial Services plans to add peer-to-peer lending capabilities to LoanCenter, its direct lending platform, later this year. The goal is to reach a new group of borrowers looking to purchase vehicles from individuals instead of from dealerships, Ralph Ontiveros, vice president of Westlake services and lending solutions, told Auto Finance News. “A lot of […]

2019 Survival Guide: How Lenders Are Planning for the Year Ahead

From the January issue: 2018 was a strong year for auto finance as delinquency rates dropped, the economy grew, and consumer demand remained high. However, the new year finds lenders and analysts bracing for an economic slowdown. But that’s not the only worry. New-car purchases are lagging, according to Manheim’s November data, which has new-vehicle sales […]

DriveItAway Acquires Whip Assets, Cuts Ties With HyreCar

DriveItAway, which provide dealers with the tools they need to offer subscription car services for Lyft and Uber drivers, today acquired the technology and assets of Whip. Whip offers subscription-service infrastructure management to car dealerships and fleet owners. Terms of the deal were not disclosed. DriveItAway also said that it is cutting ties with HyreCar, […]

Westlake Financial to Roll Out Direct Lending Portal in 4 States

Westlake Financial Services is gearing up to expand its direct lending portal, LoanCenter, beyond its current California footprint. “Historically, we always pilot everything in our backyard,” VP of Westlake Services and Lending Solutions Ralph Ontiveros, told AFN. Now, nearly two years after launching the pilot, Westlake Financial is ready to take the portal nationwide. The rollout […]

Catching the Wave: The Impact of Direct Lending on Auto Finance

The wave of direct lending is starting to swell, and lenders are working to initiate their programs before it crests. “[Direct lending] is still small for us, and we’re looking at trying to stay in front of the fact that consumers’ expectations around, predominantly, information is evolving,” Jeffrey Danford, Ally Financial’s senior vice president of […]
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