Chairman, Westlake Financial Services Inc.
THE LATEST: Last year, Hankey celebrated the 30th anniversary of his auto finance company Westlake Financial Services. This year, his firm got tech savvy, adopting an automated payoff tool that allows for faster electronic payments to lenders.
BACKGROUND: Hankey is chairman and primary stockholder of Westlake Financial Services, a privately held auto finance company he founded in 1978 to serve potential auto purchasers with subprime credit. Westlake is part of the Hankey Group, which comprises seven operating companies. The group has more than 2,800 employees worldwide and reported $2.25 billion in revenue and $10.3 billion in assets in 2019. Hankey began his career in investment banking then shifted gears to financing car loans when he acquired his family’s Midway Ford dealership in 1972. He is a majority shareholder in Hankey Investment Co., which oversaw construction of Circa, the $500 million, 648-apartment mixed-use development near the Staples Center that opened in October.
WORTH NOTING: Hankey, who has an estimated net worth of $3.1 billion, was No. 25 on the Los Angeles Business Journal’s 2018 list of Wealthiest Angelenos.
YEARS ON THE LA500: 4
For reprint and licensing requests for this article, CLICK HERE.