Don Hankey
Malibu, California
Bachelor of Arts/Science, University of Southern California
United States
Hankey Group
7
auto loans, Self Made
$3,100,000,000
715
2
#715 Billionaires 2019
#259 Forbes 400 2018
The little-known king of subprime car loans, Don Hankey presides over the $1.7 billion (sales) Hankey Group, a Los Angeles-based auto services empire.His Westlake Financial Services works with more than 25,000 car dealerships in all 50 states to provide car loans to people with bad, or no, credit.The Hankey Group also includes a real estate firm and a Toyota dealership, plus auto insurance, rental car and dealer software companies.As a teen Hankey worked as a lot boy, washing and polishing cars, and then as a salesman at his father's Los Angeles Ford dealership.In 1972 he took over the dealership and began extending loans to people with poor credit. The business took off and is now his biggest asset.
The returns-obsessed Hankey has a strict rule for each of his businesses: achieve a 30% pretax return on equity and 20% revenue growth annually.To make money, Hankey even regularly rents out his Malibu beach house for filming commercials, TV shows and movies, including CSI: Miami and Charlie's Angels.Hankey makes charitable donations through the Hankey Family Fund, whose recipients have included the Golden Heart Ranch, which serves differently-abled young adults, and the University of Southern California.
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