LAS VEGAS — Western Funding, a specialized automotive finance company focusing on subprime finance, had its biggest origination month in company history in June. During the month, the company funded 906 deals for $11.2 million in contracts.
Western Funding’s portfolio size now stands at $84 million, a 154% increase over last year. The portfolio continues to outperform expected losses, officials said.
“We are excited to announce June as our biggest originations month, as it makes an immediate impact on the growth of our company,” stated Western Funding President Guerin Senter. “We attribute this strategic growth to the development of our sales team and expansion into new markets.”
The Las Vegas-based auto finance company attributes its recent success to the expansion into new markets and the growth of its sales team. Western Funding currently operates in 18 states and has a 45-person sales force. The company’s goal is to be in all 50 states by the end of 2016.
Western Funding plans on hiring another 30 sales reps by the end of the year, with the majority of those starting in August 2015. “We’re just starting to gear up our next start-group and embark on the interviewing and recruiting process right now,” Senter said.