Don Hankey’s Net Worth: The Billionaire Behind Westlake Financial
Don Hankey is an American automotive loan and financial entrepreneur with a net worth of $7.5 billion. He has earned the majority of his fortune through The Hankey Group, which owns one of the largest automobile financing companies in the world, Westlake Financial. Hankey is also the largest individual shareholder in Axos Financial Inc., an online lender that has made hundreds of millions of dollars in loans backed by real estate assets to Donald Trump.
Early Life and Career Beginnings
Born on June 13, 1943, in Los Angeles, California, Don Hankey graduated from the University of Southern California with a degree in finance. After starting out as a stockbroker on Wall Street, he grew tired of the stock market and sought a different career path rooted in his family’s business.
In 1972, Don took over a Ford dealership in Los Angeles’ Koreatown, which had been co-owned by his father. At the time, the dealership was struggling financially. It was Don who identified a lucrative opportunity in lending money to people with bad credit, shifting the focus from car sales to auto financing. This decision would eventually lead to the founding of The Hankey Group.
The Hankey Group
The Hankey Group is a diversified business empire, with Westlake Financial at its core. Westlake Financial is one of the largest auto financing companies globally. The Hankey Group also operates seven companies, including an exotic car rental company, Midway, Knight Insurance Co., and Nowcom, a software business. The group also owns one of Southern California’s largest Toyota dealerships, Toyota of North Hollywood.
Don is known for his strong work ethic, arriving at the office every morning at 6 am and working long hours, including on weekends.
In 2011, Marubeni, a Japanese company, invested $250 million for a 20% stake in Westlake Financial, which was valued at $1 billion for the first time. Today, Westlake is the largest used-car financing company in the U.S., offering high-interest loans to customers who would likely not have qualified for traditional auto loans.
“The One” Fiasco
Don Hankey became involved in a business relationship with real estate developer Nile Niami. Niami borrowed over $100 million from Hankey’s company to build a mansion in Bel-Air known as “The One.” Unfortunately, the project faced setbacks, and Niami borrowed $165 million in total, but still couldn’t finish the construction. In late 2021, Hankey forced the mansion into receivership, allowing a new developer to complete the project and sell it. Initially, the mansion was hoped to sell for $500 million, but in 2021, it was valued at $225 million.
Donald Trump Loans
In recent years, Don Hankey has provided hundreds of millions of dollars in loans to Donald Trump. Through his company Axos Financial, Hankey refinanced a $100 million loan on Trump Tower and a $125 million loan for Trump Doral golf course. In April 2024, Hankey also arranged a $175 million appeal bond for Trump related to his New York state civil fraud judgment.
Personal Life
Don Hankey is married to Debbie Bowles, and together they have four children. Their son, Don Jr., also known as “Rufus”, runs Nowcom, the family’s software business. In June 2021, Rufus bought a former Sumner Redstone mansion in Beverly Park for $27 million.
Personal Real Estate
Don and Debbie Hankey own multiple properties in Malibu:
- A mansion on Carbon Beach, purchased in May 2021 for just under $21 million.
- A vineyard in the Zuma Beach area of Malibu.
- Their primary Malibu residence near Paradise Cove, purchased in 2005 from singer Olivia Newton-John.
They also own a property in Beverly Hills, in the exclusive Beverly Park community, which they acquired from musician John Fogerty in 2014 for $18.6 million. This property is now likely valued at $25+ million.
Conclusion
Don Hankey’s career reflects the immense potential for success in auto financing, combined with shrewd investments and a relentless work ethic. With a net worth of $7.5 billion, Hankey continues to build his business empire through The Hankey Group and investments in the financial sector. His life story is a testament to how innovation and perseverance can turn a family business into a global financial powerhouse.
