Los Angeles, CA – Bruce Newmark is named President of Westlake Financial Services. He succeeds James Vagim, Westlake’s President since 1998.
Newmark had been Westlake’s Chief Operating Officer, overseeing all aspects of marketing, expansion, and external production of indirect, sub-prime automotive loans through a nationwide non-affiliated Dealer base.
As President, Newmark hopes to continue Westlake’s growth with a focus on expanding its line of full-spectrum business products. Westlake’s business model has evolved since its inception in 1988 and now originates in over 30 states. Continued growth is bolstered with a full line of finance options for Dealers: from non-underwritten payment-sharing programs to prime and near-prime programs, in addition to the current expansion of their Franchise Dealer Program.
“I am excited about the opportunity to succeed Jim as President of Westlake,” says Newmark, “Jim’s contributions to Westlake’s growth and success are well known. It has been great working for him during the past nine years and we will all miss him. Additionally we wish him and his family well for the future, as he is now able to pursue his other interests and spend time with his family.”
Don Hankey, Chairman of the Board, adds, “Bruce [Newmark] has been instrumental in much of Westlake’s recent success. He is well equipped to handle his new responsibilities, and to ensure that Westlake continues to experience the kind of growth and success that it has seen over the last few years.”
About Westlake Financial Services:
Westlake Financial Services is an internet based, privately held finance company that specializes in the acquisition and servicing of sub-prime to near-prime automotive retail installment contracts. Headquartered in Southern California, Westlake originates indirect retail installment contracts through a network of 4,000 new and used car dealers throughout the United States. All collections and servicing are performed in-house from its central facility located in the Mid-Wilshire area of Los Angeles.
Lending Tree’s most recent auto finance snapshot finds originations, amounts financed, and monthly payments all accelerated in 2018.