Early Life
Don Robert Hankey was born on June 13, 1943, in Los Angeles, California. His early life was rooted in the automotive industry, as his father was a car dealer in Los Angeles. Hankey's educational background includes a degree from the University of Southern California.
Rise to Success
Hankey's career in the automotive industry began in 1972 when he took over his father's Ford dealership. Under his leadership, the dealership flourished. Hankey's vision led to the creation of the Hankey Group, which became a conglomerate with diverse holdings in automotive, finance, technology, real estate, and insurance. A significant part of his success comes from Westlake Financial Services, which Hankey founded in 1978. Westlake Financial Services specializes in subprime car loans and has become a leader in the industry.
Key Business Strategies
Hankey's business strategies have focused on identifying and serving underserved markets. By recognizing the demand for auto loans among individuals with less-than-perfect credit, he built a successful business empire. Hankey's companies operate under strict financial rules, aiming for a 30% pre-tax return on equity and 20% revenue growth annually. He is known for leveraging cutting-edge technology and a proprietary risk model to drive innovation and efficiency.
Philanthropy
Don Hankey, along with his wife Debbie, launched the Hankey Foundation in 2014. The Hankey Foundation had $72 million in assets as of 2022.