Don Hankey, the billionaire behind Trump's $175mn bond post, has never met him

Donald Trump and his co-defendants posted a bond of $175 million in New York civil fraud case following a judge's ruling that they had for years misrepresented the value of his properties.

The bond is underwrite by an insurance company run by a billionaire, who got his start making high-risk, high-interest loans to car buyers with poor credit.

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, according to Forbes magazine.

Add WION as a Preferred Source

Hankey is richer than Trump, whom Forbes estimates is worth $6.4 billion, including his multi-billion stake in the newly public Trump Media & Technology Group.

According to the Associated Press, Hankey has never met or spoken with Trump and saidhis Knight Speciality Insurance company provided both cash and bonds as security for Trump's appellate bond. That bond is now essentially a placeholder that will guarantee payment if the judgment against Trump is upheld on appeal.

"This is the work Knight Insurance does, and we're happy to do this for anyone who needs a bond," Hankey was quoted as saying.

Who is Don Hankey?

Don Hankeystarted in the auto industry when his father bought a stake in a Ford dealership in Los Angeles in 1958. Hankey, who was a teenager at that time, started out washing cars during the summer and later stepped into a salesman role.

Hankey’s father died and his family lost its stake in the car dealership. But a few years after Hankey's graduation, his family repurchased the dealership with a $250,000 loan.

How did Hankey get into the car loan business?

After buying the dealership, Hankey courted buyers that other car sellers often rejected: subprime borrowers. His dealership provided the loans, unlike other car dealers who typically turn to banks to provide financing for auto purchases.

"We had beefs going on, and at the same time people coming in, buying cars," Hankey said. "But it all worked. And you would think that somebody buying a car would hate to see somebody else arguing about a payment, but it didn't seem to matter."

What other businesses does Hankey own?

Hankey expanded beyond auto dealerships after observing demand for subprime auto loans outside of Los Angeles.

Is Don Hankey a Trump supporter?

Hankey voted for Trump but said that his support for the real estate developer didn't play into his decision to extend the bond.

"Yes, I voted for him in the past, but this is a business deal and this is what we do," Hankey said. "I have never met Donald Trump, nor talked to him on the phone."

(With inputs from agencies)