Westlake ALPS Purchases $12.4 Million Bulk Portfolio
LOS ANGELES —Advanced Lending & Portfolio Services (ALPS), a division of Westlake Financial Services, has announced the acquisition of a $12.4 million bulk portfolio from Blackhawk Financial, based out of Chicago, on March 19.
Blackhawk Financial is an auto finance company operating out of seven states, mostly in the Midwest. The portfolio included 3,044 loans with short terms and low LTVs. This puts ALPS at a 200% year-over-year increase in production.
“This acquisition will make an immediate impact on the ALPS division as a whole,” said Todd Laruffa, director of ALPS. “Most importantly, given the short remaining terms on these accounts, ALPS will be able to recognize the majority of the portfolio’s revenue in 2015.”
Westlake Financial Services’ ALPS division specializes in loan portfolio acquisitions from buy-here, pay-here (BHPH) dealerships and finance companies. A bulk portfolio transaction is commonly used in the BHPH industry as a primary method of generating operating capital. Westlake ALPS also offers revolving credit lines specifically designed for dealers and auto lenders.
“We are proud to offer ALPS’ services to dealers looking for additional capital,” said Ian Anderson, group president of Westlake Financial Services. “Todd Laruffa and the team have done a great job by acquiring a portfolio of this size, which has significantly added to the growth of our business. I foresee a monumental increase in terms of production and assets for ALPS.”
More Industry

Kia Closes Out Summer With a Bang
Its U.S. subsidiary broke multiple records in August, in part due to a surge of demand for hybrids models.
Read More →
Indiana Dealership Changes Hands
A 30-year-old Ford dealership in Indiana has a new owner and will soon be undergoing renovations to meet manufacturer requirements.
Read More →
Texas Dealership No Longer in the Family
The Ford store, a longtime cornerstone of the Houston market, is now part of one of the fastest-growing U.S. auto groups.
Read More →
Genesis Grows California Presence
The Cardinale Automotive Group opened its third Genesis rooftop in the Golden State, Genesis of San Bruno, a stand-alone dealership serving the San Francisco Bay Area.
Read More →
August Auto Sales a Mixed Bag
An early forecast shows strong business despite consumer hurdles, and hybrids are a big piece of their affordability coping strategy.
Read More →
EV Market Humming Along
July sales show steady growth as the segment stabilizes from last year’s artificial surge following pullback of federal support.
Read More →
Auto Loan Delinquency Rates Stabilize
Auto loans are a main driver of nonmortgage consumer debt, but delinquency rates stabilized in the second quarter across all credit risk tiers.
Read More →
EV Sales Recover in Q2
The EV sales roller coaster continues as numbers show improvement, but industry experts predict a year-over-year third-quarter decline and fourth-quarter jump.
Read More →
The Cheapest Hybrids to Fuel
The powertrain is increasing in popularity, in no small part due to its fuel economy. A new report lists the most efficient hybrids on the market.
Read More →
Hybrids and SUVs Gaining Ground
The most recent Kelley Blue Book Brand Watch found that only two nonluxury brands increased in shopper consideration, buoyed by their hybrid and SUV offerings.
Read More →