Westlake Automobile Receivables Trust 2021-1: Presale Report

DBRS, Inc. (DBRS Morningstar) assigned provisional ratings to Westlake Automobile Receivables Trust 2021-1 as listed above. The originator is Westlake Services, LLC (Westlake), a privately held company established in 1978. Westlake is primarily owned by Don Hankey (67%) and Marubeni Corporation (24%). Mr. Hankey is the owner of the Hankey Group of Companies and has been in the automotive industry since 1967. This is the twenty-fourth asset-backed securities transaction that Westlake has issued since 2010. The collateral securing the notes consists entirely of a pool of retail automobile contracts secured by predominantly used vehicles that typically have high mileage. The loans are primarily made to obligors who are categorized as subprime, largely because of their credit history and Credit Scores.