LOS ANGELES — Westlake Financial Services discovered this week that its portfolio containing more than 150,000 accounts reached a new threshold in total receivables.

As of March 11, company officials say this level hit $1 billion — a milestone they believe was passed midway through what they hope to be a record-setting month. 

The company expects to fund more than $120 million in vehicle contracts by the end of March, a new company record. That mark would come after a record-setting February when Westlake saw originations total more than $100 million.

"We are very proud of our portfolio hitting the $1 billion mark," president Ian Anderson declared.

"It is a reflection of all the hard work and dedication our staff of over 700 employees put in every day, including almost 200 sales representatives out in the field interacting with our dealers," Anderson continued.

Executives contend the $1 billion milestone is significant considering Westlake's total portfolio in 2008 stood at $500 million, effectively doubling during the economic recession.

Anderson is quick to point out the sharp rise would not have been possible without the strong relationships Westlake has with its banking partners — led by Wells Fargo Preferred Capital — strategic relationships with business partners, the support of sister companies in the Hankey Group, as well as the backing of Hankey Group chairman Don Hankey.

"We really have to thank all of our banking partners that believed in our strategy and business model during the past couple of years," Anderson stated.

"We were able to expand, hire employees and make loans during a very tough economic time," he added.

Hankey chimed in, saying, "I can recall when we first did 100 deals in a month. Then in 2000, Westlake did 1,000 deals in a month and this month we will purchase 15,000 deals.

"I feel very proud or our employees and happy to see everyone is still motivated to continue our growth," Hankey added.

Looking ahead, Westlake plans to expand its financial offerings to include bulk portfolio purchasing through a new division, Advanced Lending & Portfolio Services as well as ramping up operations in its title loan subsidiary, Wilshire Consumer Credit. 

"Both ALPS and WCC are entering a steep growth phase," Anderson shared. "We will continue to focus on excellent service and products for our dealer partners, customers and strategic relationships to help them grow their organizations."