LOS ANGELES — Advanced Lending & Portfolio Services (ALPS), a division of Westlake Financial Services, announced strong quarterly results with a total portfolio size of $11.5 Million at the end of the third quarter. The results represent a 2,000 percent growth year over year for the buy-here, pay-here contract purchasing company.
“We closed a $3.4 million dollar portfolio purchase just last month,” said Scott Moles, ALPS general manager. “As far as I can see, the sky’s the limit.”
Moles added that he sees strong sustained growth. “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 said.
“Because of the large backing Westlake is providing the division, ALPS is able to purchase portfolios in markets that the competition won’t.,” said Ian Anderson, president of Westlake Financial Services. “We are pleased with ALPS’ growth. Scott Moles has done a great job in ramping up production and providing dealers a valuable service.”
For more information, visit www.westlakefinancial.com/ALPS.