LOS ANGELES — Westlake Financial's Advanced Lending & Portfolio Services, which buys buy-here, pay-here contracts, recently announced its third quarter results, revealing a significant 2,000 percent growth year-over-year.

The company ended the third quarter with a total portfolio size of $11.5 million.

Commenting on the expansive growth, ALPS general manager Scott Moles said, “We closed a $3.4 million dollar portfolio purchase just last month.

“And as far as I can see, the sky’s the limit,” he added.

Moles also stressed that he sees potential for strong sustained growth in the future.  

“Despite the economy, certain divisions within the financial markets continue to do well. Bulk purchasing is one of those divisions, and it continues to be a vibrant part of the automotive financial landscape,” he continued.

“Dealerships looking to sell their BHPH portfolio to increase cash flow should be able to find buyers. I am confident that ALPS will end up being their final choice,” Moles surmised.

Ian Anderson, president of Westlake Financial Services, also offered his take on the results: “Because of the large backing Westlake is providing the division, ALPS is able to purchase portfolios in markets that the competition won’t. Heavily regulated markets like New York or smaller markets like South Dakota — we can, and do, buy there.

“We are pleased with ALPS’ growth. Scott Moles has done a great job in ramping up production and providing dealers a valuable service,” he concluded.