January 26, 2010
CUDL to Represent 750 Credit Union Partners at 2010 NADA Convention
ONTARIO, Calif. — CUDL, which administers the nation’s largest auto lending network for credit unions, will represent its more than 750 partnering credit unions at the 2010 National Automobile Dealers Association (NADA) Convention. The convention takes place Feb. 13-15, at the Orange County Convention Center in Orlando, Fla.
Building upon the company’s previous success at NADA, CUDL will once again provide a unified credit union presence, with the goal of reinforcing the vital role credit unions are playing in today’s marketplace and the lending power credit unions possess within the industry.
The largest event for automobile dealers in the U.S., the NADA convention averages more than 20,000 attendees each year, drawing attendance from approximately one-third of all U.S. dealerships. Adding to the draw of the convention, the NADA reports that they represent approximately 20,000 franchised new car and truck dealers holding nearly 43,000 separate franchises, domestic and international.
Credit unions continued to exhibit marketplace strength in 2009, providing a significant and reliable lending source for dealers. While many lending institutions backed-away from auto lending between 2008 and 2009, credit unions continued to be active in the marketplace, providing members, consumers and dealers with a stable lending option. As a result, credit unions captured nine points of market share from other lenders between 2008 and Q3 of 2009, reaching 23 percent share in September of 2009.
Further reflecting the important role credit union and dealer relationships are playing within today’s industry, CUDL had 146 new credit unions and 2,254 new dealerships nationwide join their auto lending network in 2009. Currently, CUDL’s national lending network includes 7,000 dealerships and more than 750 credit unions, representing 20 million members, nationwide.
“CUDL’s representation of its credit unions at the convention further underscores the significance of relationships between credit unions and dealers, and emphasizes the value credit unions’ see in partnering with dealers to get credit union members into new cars,” stated Tony Boutelle, CUDL’s President and CEO. “Our goal is to increase dealers’ awareness of the market power credit unions possess, representing 86 million potential auto buyers, and to convey the importance and viability of partnerships between credit unions and dealers.”
Credit unions interested in participating at the CUDL Credit Unions’ booth during NADA 2010 can contact CUDL via email at events@cudirect.com.