Early Life and Education
Don Robert Hankey was born on June 13, 1943, in Los Angeles, California. He graduated from the University of Southern California with a Bachelor of Arts/Science degree. During his time at USC, Hankey developed a strong understanding of finance.
Rise to Success
Hankey's career took off in 1972 when he took over his family's struggling Ford dealership. Recognizing an opportunity, he shifted focus to providing auto loans to individuals with poor credit, which became the foundation of his wealth. In 1978, he founded Westlake Financial Services, which grew to be a leader in the subprime auto loan market. Under Hankey's leadership, the Hankey Group expanded to encompass seven operating companies specializing in automotive, finance, technology, real estate, and insurance.
Key Business Strategies
Hankey is known for his strict business principles, including aiming for a 30% pretax return on equity and 20% revenue growth annually. The Hankey Group has maintained a strong market presence through innovation and leveraging cutting-edge technology. The company has shown a dedication to serving the market with high efficiency.
Philanthropy
Don Hankey has a foundation, the Hankey Foundation, which he launched with his wife, Debbie. The foundation had $72 million in assets as of 2022.