TORONTO--(BUSINESS WIRE)--Axis Auto Finance Inc. (“Axis” or the “Company”) (TSX: AXIS), a financial technology company changing the way Canadians purchase and finance used vehicles, is pleased to announce the appointment of Ian Anderson, President of Westlake Financial, to the Board of Directors.
HIGHLIGHTS
- NowLake Technology, LLC the fintech parent company of Westlake Financial owns a 24% equity stake in Axis
- With a portfolio of over USD $15 billion, Westlake is the largest privately held auto finance company in the US
- Westlake is majority owned by Mr. Don Hankey and Marubeni Corporation of Japan
- After his appointment as President in 2008, Mr. Anderson took Westlake from USD $400 million in assets to over USD $15 billion currently
“I am very pleased to welcome Mr. Anderson to the Board. His industry expertise will help guide Axis for years to come,” said Todd Hudson, CEO of Axis. "Similar to Westlake over the last 10 years, innovation is driving the growth of our business as we roll out leading-edge fintech initiatives", he added.
NowLake has invested CAD $15 million into Axis’ common shares in November 2021 and owns approximately 24% of the Company. Investment proceeds are being used to develop and roll out digital loan origination channels as well as general corporate purposes.
Ian Anderson joined Westlake in 2005 as Director of Risk Management and was appointed Group President in 2008. His primary focus is the development and execution of business strategy for Westlake Financial and its six subsidiaries with emphasis on improving shareholder value and promoting the use of technology. Under his stewardship, Westlake’s portfolio grew from USD$400 million in 2008 to over $15 billion currently, while maintaining above a 30% Return on Equity.
Prior to joining Westlake, Mr. Anderson held positions at Bayview Acceptance, Wells Fargo and Triad Financial. He holds a bachelor’s degree in Economics from the University of California and is a recipient of multiple industry awards.
Founded in 1978, Westlake is the largest privately held auto finance company in the US, with over USD $15 billion in assets and 3,300 employees. In 2021, Westlake generated over USD $3 billion in revenue resulting in a pre-tax income of USD $1.3 billion and a very strong Return on Equity of 59%.
Mr. Don Hankey is the founder of Westlake and owns a 71% stake in the company. Mr. Hankey is currently #200 of the Forbes billionaires list. 22% of Westlake is owned by Marubeni Corporation, a Japanese conglomerate with operations in 68 countries and USD $58 billion in revenue in fiscal 2021. The balance of the equity in Westlake is owned by employees.
About NowLake Technology LLC
NowLake Technology LLC is the fintech parent company of Nowcom, LLC and Westlake Services, LLC. Nowcom, LLC develops technology solutions for the automotive and financial services sectors, including Westlake Services, LLC. Westlake Services, LLC provides indirect financing solutions to thousands of automotive dealers throughout the United States, as well as offering auto loan refinancing, secured loans, and personal loans direct to consumer through LoanCenter.com, Westlake Services, LLC also offers third-party servicing for medium to large scale automotive, personal loan, and secured loan portfolios from finance companies, credit unions, and investments companies.
About Axis Auto Finance
Axis is a financial technology company changing the way Canadians buy and finance used vehicles. Through our direct-to-consumer portal, DriveAxis.ca, customers can choose their next used vehicle, arrange financing, and get the car delivered to their home. In addition, the company continues to grow B2B non-prime auto loan originations by delivering innovative technology solutions and superior service to its Dealer Partner Network. All Axis auto loans report to Equifax, resulting in over 70% of customers seeing a significant improvement of their credit scores. Further information on the Company can be found at https://www.axisfinancegroup.com/investors-press-releases/.
The TSX Venture Exchange has neither approved nor disapproved the contents of this press release. Neither the Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this release.
