Early Life
Don Robert Hankey was born on June 13, 1943, in Los Angeles, California. His father was a car dealer, instilling in Hankey an early interest in the automotive industry. He graduated from the University of Southern California with a degree.
Rise to Success
Hankey's career took off when he took over his father's Ford dealership, Midway Ford, in 1972. He expanded the business, establishing the Hankey Group, which became a conglomerate with diverse interests. A key component of his success was Westlake Financial Services, founded in 1978. Westlake specializes in subprime car loans, and has grown to become a leader in the auto financing solutions. In 2024, Forbes estimated his net worth to be $8.2 billion. Hankey is known for his data-driven approach, constantly monitoring and analyzing loan applications and market trends.
Key Business Strategies
Hankey's business strategy has focused on leveraging technology and data analytics to drive decision-making and sustainable growth. Westlake Financial Services uses advanced automation and a proprietary risk model to enhance efficiency. He emphasizes a 30% pre-tax return on equity and 20% revenue growth annually for each of his businesses. The Hankey Group has expanded into real estate, insurance, and technology, demonstrating a diversified business model.
Philanthropy
Information on the specific amounts and initiatives of Don Hankey's philanthropy is not readily available in the search results. However, the search results mention that Don Hankey has a charity, the Hankey Foundation, that he launched with his wife, Debbie. The foundation had $72 million in assets as of 2022.
