Don Hankey Net Worth
What is Don Hankey's Net Worth?
Don Hankey is an American car finance billionaire who has a net worth of $5.5 billion. Don has earned his fortune thanks to the Hankey Group which owns one of the largest automobile financing companies in the world, Westlake Financial.
Early Life and Career Beginnings
Don Robert Hankey was born on June 13, 1943 in Los Angeles, California. After graduating from the University of Southern California with a degree in finance he set out to conquer Wall Street as a stockbroker. After a little less than a decade he had grown tired of stocks and decided to look to his roots for his next venture.
In 1972 Don took over a Ford dealership in Los Angeles' Koreatown that his father co-owned. At the time he took the reigns, the dealership was losing money. It was Don who eventually recognized that there was a fortune to be made focusing on lending money to people with bad credit as opposed to selling cars.
The Hankey Group
Don ultimately founded the Hankey Group. The Hankey Group's crown jewel company, Westlake Financial, is one of largest auto financing companies in the world. The Hankey Group operates seven companies including Westlake, an exotic car rental company called Midway, Knight Insurance Co., an automobile dealer software business called Nowcom and a Toyota dealership.
Don is known for arriving at the office every morning at 6am and putting in long hours even on weekends.
In 2011 a Japanese company called Marubeni invested $250 million for 20% of Westlake Financial, valuing that business at $1 billion for the first time. Today Westlake is the largest used-car financing company in the US.
At any given moment, the Hankey Group has right around 1 million individual loans on his books, the vast majority of which come via Westlake.
Don is married to Debbie Bowles and together they have four children. His son Don Jr., who goes by "Rufus" runs Nowcom, the family software business. In June 2021 Rufus paid $27 million for the former Beverly Park mansion of Sumner Redstone.
Don and Debbie own at least three properties in Malibu that are in the public record. In May 2021 he spent a little under $21 million for a property on Malibu's prime Carbon Beach. They also own a vineyard in the Zuma Beach area of Malibu. Their main Malibu home is a large mansion near Paradise Cove which was acquired in 2005. The seller was Olivia Newton-John.
Over in Beverly Hills, Don and his wife own a mansion in the gated community of Beverly Park which they acquired from musician John Fogerty in 2014 for $18.6 million. Today this home is likely worth $25+ million.
The One Fiasco
At some point, Don Hankey formed a business relationship with a real estate developer named Nile Niami. Nile famously borrowed a little over $100 million from Hankey's company to construct a mansion in Bel-Air that became known as "The One." Niami could not get construction completed even after borrowing a total of $165 million. In late 2021 Hankey force the home into receivership, a move which allowed a new developer to come in and finish the project and get it sold. At one point Niami had been hoping to sell the home for $500 million. In late 2021 the price was reduced to $225 million.
|Net Worth:||$5.5 Billion|
|Date of Birth:||Jun 13, 1943 (79 years old)|
|Place of Birth:||Los Angeles, California|
|Profession:||Founder of the Hankey Group|