Don Hankey
Don Hankey | |
|---|---|
| Born | June 13, 1943 Los Angeles, California, U.S. |
| Occupation(s) | Entrepreneur, businessman |
| Years active | 1972–present |
| Known for | Founder of the Hankey Group, leading figure in subprime auto lending |
Don Robert Hankey (born June 13, 1943) is an American billionaire entrepreneur who established the Hankey Group, a company predominantly earning income through automotive financing and insurance services. He has earned the reputation of being the leading figure in subprime auto lending.
Early life
Hankey was born in Los Angeles, California, and is the son of an automobile dealer. He graduated from the University of Southern California.
Career
In 1972, Hankey assumed control of his father's Ford dealership and transformed it into the Hankey Group. A key component of this expansion was Westlake Financial Services, which focuses on providing high-interest loans to subprime car buyers. Reports from 2015 indicate that Westlake repossessed nearly 250 vehicles each day.
In October 2015, the Consumer Financial Protection Bureau mandated Westlake Financial to deliver $44.1 million in consumer relief due to unlawful debt collection methods. These included misleading communications and unauthorized changes to loan terms, which were found to breach federal statutes such as the Fair Debt Collection Practices Act and the Truth in Lending Act.
Hankey Capital, operating as a shell corporation, provided $82.5 million in financing during 2018 for The One, a notable real estate development in Los Angeles. Additionally, Hankey is a prominent investor in Downtown Los Angeles real estate; his company, Hankey Investment Company, holds ownership of more than one million square feet of commercial space along with 500,000 square feet designated for urban development throughout Southern California. In November 2024, he successfully overcame a labor union challenge to proceed with constructing a 163-unit apartment complex in Koreatown.
In September 2022, Westlake Financial settled claims by agreeing to pay over $225,000 after allegations that it violated the Servicemembers Civil Relief Act by not extending required interest rate benefits.
On the political front, Hankey has contributed financially to the Republican National Committee and various other GOP organizations.
He stands as the largest individual stakeholder in Axos Financial, which handled refinancing of former President Donald Trump's mortgages on Trump Tower and Trump National Doral in 2022. Hankey also owns Knight Insurance Group and serves as chairman of Knight Specialty Insurance Company, which issued a $175 million bond posted by Trump in April 2024 to halt enforcement of a $464 million civil fraud judgment during the appeals process.
As of April 2024, Hankey’s net worth was approximated at $7.4 billion.
Personal life
Hankey resides in Malibu, California with his spouse and their four children. In April 2020, his son Don Hankey Jr. was named in a civil lawsuit alleging sex trafficking and sexual assault; however, this case was dismissed in 2024 without any settlement paid. Court documents reveal that Hankey Jr. prevailed on counterclaims including civil extortion and defamation.