MADISON HEIGHTS, Mich., Aug. 10, 2017 (GLOBE NEWSWIRE) -- Westlake Financial Services (“Westlake”) and CARite today announced a strategic partnership to offer financing, dealer support and other services across CARite’s growing nationwide network of dealerships. With the partnership, Westlake will become the leading provider of retail installment contract financing for subprime and near-prime customers at CARite branded dealerships.

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“Westlake’s offerings perfectly complement CARite’s existing leasing platform,” said Mike Cavanaugh, Chief Operating Officer at CARite. “As a lending partner they understand the value of our business model and have developed a program designed with our customers in mind. Their efforts have resulted in a six-fold increase in originated contracts since our pilot with them began. Over the same period of time our captive leasing business has grown significantly as well. We are very proud of the partnership we have developed with Westlake and trust that the alignment of our goals will help both organizations continue to grow in the years ahead.”

“CARite has proven to be a great partner for us,” said Ian Anderson, President of Westlake. “While CARite delivers many vehicles through their captive leasing company, some customers simply prefer to buy. Our product allows CARite dealerships to provide their customers with a great option to purchase a vehicle outright. With a professionally branded dealer network following standard processes they’ve given us the confidence we need to create a custom advance program that works well for everyone involved. We’re thrilled with the results so far and we’re excited to grow our relationship as the CARite network expands.”

About CARite
Established in 2011, CARite positions independent car dealers to better serve consumers with credit challenges. Participating dealers adopt the nationally recognized CARite brand identity and gain access to CARite’s proprietary systems and standardized processes. In addition, CARite dealers gain exclusive access to a unique subprime and near-prime leasing platform, which allows them to approve customers for leases on late model low mileage cars, regardless of their credit history. CARite dealers also participate in centrally developed partnerships with leading finance companies, like Westlake Financial Services.

About Westlake Financial Services
Westlake Financial Services is an internet based, privately held finance company that specializes in the acquisition and servicing of prime to sub-prime automotive retail installment contracts. Headquartered in Southern California, Westlake originates indirect retail installment contracts through a network of over 30,000 new and used car dealers throughout the United States.

Meghan Fitzgerald, Manager of Marketing