LOS ANGELES -

Westlake Flooring, a division of Westlake Financial Services, recently financed the acquisition of Phoenix Truxx’s current dealership location, helping the heavy-duty truck enterprise consolidate its operation in New Jersey. 

Officials highlighted the property had been in bankruptcy foreclosure and Westlake came in with the capital to allow the deal to take place.  Westlake drew up a plan that met the deadlines of the foreclosure and established a credit facility for Phoenix Truxx in the amount of $1.25 million. 

The parties were able to close the purchase of the dealership location on Dec. 4.

“Westlake Flooring credit lines are competitive and quick to approve, which is why we were able to help Phoenix Truxx purchase a location in less than 30 days,” said Garrett Jorewicz, vice president and general manager of flooring at Westlake Financial Services.

The company mentioned the real estate transaction allowed for Westlake Flooring to increase its lending commitment to building the dealer’s inventory levels.  The additional equity in the collateral from the location allowed Westlake to triple Phoenix Truxx’s inventory credit limit to $750,000.

“Phoenix Truxx has always been a great flooring customer, so their credit line was an easy approval,” said Patrick Amato, vice president of flooring at Westlake Financial Services.  “Due to several guarantees, we were able to expedite the loan.”

Phoenix Truxx owner David Fox, and general manager Jon Olin, have maintained a credit line with Westlake Flooring since its inception.  The dealership specializes in diesel work trucks and was operating in multiple lots until the recent purchase of its store in South Amboy, N.J. 

With Westlake’s assistance in this purchase, the dealership was able to streamline its business practices and now operates out of one central location.

“The transaction allows Phoenix Truxx to be more flexible,” Fox said. “Westlake has given us the opportunity to build equity and gave us more buying power to grow our business.  It is a powerful force to combine our business ambitions with that of an established company like Westlake Financial.  They believed in us from the start, and we continue to show our support by directing the majority of our business their way.

If all our eggs are in one basket, it is due to the fact that we have developed a strong relationship and are keeping our capital costs as low as the market allows,” Fox added.

Westlake Financial Services offers dealerships a variety of services including auto financing, portfolio purchasing, floor planning, customer referral programs, lines of credit and more.

“Westlake Financial strives to be the premier diversified financial services organization, providing our dealerships with a variety of services to help grow their business,” said Ian Anderson, group president of Westlake Financial Holdings.

“Westlake specializes in the purchase of auto contracts from dealerships, and we offer many other services to help dealerships grow their business exponentially,” Anderson continued. “Whether the dealership needs to finance a location with a line of credit, purchase vehicles with flooring lines, or sell their BHPH portfolios with bulk purchase, Westlake Financial can help.”

Westlake Financial’s Latest Charitable Deeds

In other company news, Westlake Financial Services recently contributed nearly $20,000 in donations and basic necessities to organizations and families.

Westlake PALS (People Affecting Lives through Service) consists of a group of community minded employees that volunteer their time and energy to a variety of events and nonprofits in the greater Los Angeles area.

“Westlake continues to grow and expand rapidly, and part of our success is driven by Westlake’s passion for helping others,” Anderson said. “Further, Westlake prioritizes sharing our success by giving back to the communities we serve. Westlake is proud to make a positive and lasting impact in the lives of others.”

One of the organizations that benefited from Westlake’s charitable donations was K2 Adventures Foundation, which positively impacts the lives of people with disabilities around the world by merging philanthropy and memorable travel experiences.

“K2 Adventures is a nonprofit organization that is dear to my heart,” said Kyle Maynard, a K2 Adventures Foundation board member. “I am proud to be a board member of an organization that gives those with disabilities the opportunity to conquer obstacles that others previously told them they could not overcome.

Instead, K2’s philosophy is a can-do mentality and helps individuals achieve great things. I would like to thank Westlake Financial for their generous donation,” Maynard continued.

Maynard, born with a congenital amputation, recently shared his inspiring stories with Westlake Financial Services employees at their annual sales conference at the MGM in Las Vegas. He is a motivational speaker, author, entrepreneur and athlete.

In order to give the families that were assisted the best holidays possible, Westlake employees held company wide fundraisers such as the Santa Photo Booth and Holiday-Grams to raise money. Donations for basic needs and toys were also collected to help out with other organization’s holiday charity drives.

 In addition to the K2 Adventures Foundation donation, Westlake’s contributions benefited these charitable organizations as well:

— Toys for Tots, led by the U.S. Marine Corps Reserve, collects new, unwrapped toys to distribute to less fortunate children to provide them a message of hope during the holidays.

— Fred Jordan Mission works on the streets of inner city Los Angeles and throughout the world to provide nourishing food, warm clothing, blankets and other vital services for those in need.

— Bikers Against Child Abuse (BACA) strives to establish a safer environment for abused children so they embrace the world they live in rather than fear it.

— Transition in Process (TIP) helps returning veterans and families get back on their feet.

Every year, Westlake PALS puts together the Adopt-A-Family program and pairs employees up with local people in need. In December, Westlake Financial Services employees came together to assist 36 families during the holidays through their sixth annual Adopt-A-Family program.

“Westlake has been creating a culture focused on its people, so carrying this over into the community was a seamless transition,” Amato said.. “Anytime you are volunteering, you want to include people who are energetic, and that’s a great example of what Westlake PALS represents.

“Getting the opportunity to volunteer with great people and to assist those who are truly in need never feels like work because of all the fun we have,” he continued. “People continue to help out and recruit fellow employees since everything we do is fun and focused on helping others that can use support.”