Westlake is an automotive finance and technology company which provides services such as retail auto loans through its Westlake Financial Services arm. It currently has more than $12 billion in assets under management, according to the company.
Both Westlake and Nowcom are part of Hankey Group, a conglomerate of seven companies in the automotive, finance, technology, real estate and insurance industries. The group is chaired by local billionaire Don Hankey, who earned the majority of his wealth from financing subprime car loans. The group reported a collective $755 million in profits for fiscal year 2020.
Nowcom develops automotive and finance software for Hankey Group companies and for external businesses such as auto dealerships. It also provides information technology support to all Hankey Group companies.
Westlake and Nowcom will continue to operate separately from each other in their core business lines following the combination, according to the companies.
“The completion of this merger is part of our larger goal to expand our opportunities in automotive and other fintech spaces like point of sale, medical, secured and personal loan financing,” Ian Anderson, Group President of Westlake Technology Holdings, said in a statement. “Here at Westlake, we are thrilled to be working even closer with Nowcom to build a better future for our clients and the communities we serve.”
Don Hankey added, “This is truly a historical moment for us — two great companies with aligned values and a deep commitment to making a positive shift in automotive finance, coming together to make a bigger impact in fintech.”
