Don Hankey: The Little-Known Tycoon Behind Trump’s $175 Million Bond
Don Hankey, whose company provided the bond, is a little-known tycoon who built his $7.4 billion fortune through car dealerships and providing subprime auto loans. Hankey is richer than Trump, estimated to be worth $6.4 billion, including his stake in the Trump Media & Technology Group.
Background of Don Hankey
Don Hankey started in the auto industry when his father bought a stake in a Ford dealership in Los Angeles in 1958. Hankey began by washing cars and later transitioned into a salesman role.
After his father’s death and the family’s loss of the dealership stake, Hankey’s family repurchased the dealership with a $250,000 loan following his graduation.
Entry into Car Loans Business
After repurchasing the dealership, Hankey targeted subprime borrowers whom other car sellers rejected. His dealership provided loans directly, unlike traditional dealerships that rely on banks for financing.
Business Expansion
Observing demand for subprime auto loans beyond Los Angeles, Hankey expanded his business ventures beyond auto dealerships.
Don Hankey’s Relationship with Trump
While Hankey voted for Trump, he clarified that his support for the real estate developer did not influence his decision to extend the bond. Hankey emphasized that the bond was a business deal, unrelated to his personal political preferences.
