Los Angeles, CA – Westlake’s Chairman of the Board, Don Hankey, has assumed the role of President at Westlake Financial Services, following the departure of Bruce Newmark.
In related news, Westlake has also added two executives to their team: a new Senior Vice-President of Operations, Michael Pavlin, and a new Vice-President of Collections, Chad Johnson.
“I sincerely thank Bruce for his substantial contributions to Westlake and the Hankey organization over the years,” Hankey says, “Bruce has been an essential part of growing Westlake into a national lender and leading Westlake to success over the past several years. Bruce remains a Board Member and shareholder of Westlake. We hope that in the future he can continue to play a critical role in the success of the Hankey organization.”
Mr. Hankey founded Westlake in 1988 and has served as Chairman of the Board since its inception. He is also Chairman of the Board of the Hankey Group; a group consisting of financial, real estate, insurance, and technology companies as well as rental and automotive dealership operations.
As the new Senior VP of Operations, Michael Pavlin has two primary goals at the start of his tenure. The first is to assess the organization and identify what the company’s needs are. “I have a talent for efficiency,” Pavlin says, “in operations, that’s your goal. You have to ask ‘where are the opportunities to help reduce operating expenses?’”
His second goal is to help solidify Westlake’s organizational structure, which has grown tremendously over the past five years. “An essential part of a newly maturing organization is formalizing its structure. When a company’s operation has grown as Westlake’s has, this keeps the organization well-grounded and settled. One of the keys to improving efficiency is building the relationships between departments. You have that, and you can work with greater confidence.”
Chad Johnson is the new Vice-President of Collections. Johnson, a former Bank of America manager, has over 18 years of experience in the collections field.
“We want to establish a middle ground for both Westlake and the customer with respect to repayment; a mutually agreeable term that will allow them to get back up to speed on their contractual obligations,” he explains. “The purpose of this, of course, is not only to minimize Westlake’s losses, but also to genuinely help our customers protect and improve their credit.”
Black Book’s final depreciation report of 2018 finds prices for used cars and trucks decreased by 2.7% and 2.3%, respectively, with declines among compacts, minivans, and full-size utilities setting the pace.