Business Journal Names Westlake to Fastest Growing Private Company List
The Los Angeles Business Journal released its annual ‘Top 100 Fastest Growing Private Companies’ list. On it was Westlake Financial Services, which came in at No. 54.
LOS ANGELES — Westlake Financial Services made the Los Angeles Business Journal’s “Top 100 Fastest Growing Private Companies,” appearing at No. 54. The nonprime auto finance company was also recognized for recording the largest total revenue among other businesses ranked on the publication’s list.
The publication’s annual list recognizes businesses that positively impact the Los Angeles business community. As for Westlake Financial, this is the third consecutive year the finance company made the Los Angeles Business Journal’s list.
“It is an honor to be recognized as the Largest Fastest Growing Private Company,” said Ian Anderson, president of Westlake Financial. “Growth in revenue is a reflection of the immense dedication of our employees. Our highly skilled employees are encouraged to be forward thinkers and use innovative technology to create more efficiency.”
Growing 90.8 percent in a two-year period, Westlake Financial increased revenue from 266.8 million in 2010 to 509.1 million in 2012. The company also serviced more than 18,000 independent and franchised dealerships, while also employing 1,230 people. It currently has more than 300 dealer account managers in 50 States and more than $1 billion in receivables.
“I would like to thank each of Westlake’s employees for this success,” said Paul Kerwin, Westlake's CFO. “As we are continuously growing and working toward improving efficiency throughout our business, we are also investing in employee wellness and striving to make Westlake Financial the best place to work in LA.”
Westlake Financial has two sister companies that were also recognized: Knight Insurance Group and Nowcom Corp. Knight Insurance Group ranked as the eighth largest fastest growing private company. In terms of revenue, Knight Insurance ranked No. 51 with a 96 percent revenue growth from 87.5 million in 2010 to 171.6 million in 2012.
The other sister company, Nowcom, provides technology to the Hankey Group. Ranking No. 72 on the list, Nowcom saw a 65.4 percent revenue growth from 21.4 million in 2010 to 35.4 million in 2012.
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