ONTARIO, Calif. — CUDL, administrators of an auto lending service network for credit unions in the United States, has announced that its lending network has expanded to include 10,000 dealers.
The company revealed that the CUDL lending network reached the milestone after adding more than 1,000 dealers last year. Much of that growth is attributed to the company’s new operation in Quebec, Canada. The network also claims more than 1,050 credit unions, representing 35 million members nationwide.
“I congratulate CUDL for reaching the significant milestone of 10,000 dealers using the CUDL system,” said John Lund, president and CEO of Riverdale, Utah-based America First Credit Union, and chairman of CUDL’s Board. “This indicates just how relevant the services of CUDL are to dealers throughout the country. The outstanding products and services offered by CUDL provide a winning solution for dealers, credit unions, and most importantly credit union members.”
For more than 20 years, CUDL’s credit union auto lending network has provided credit unions, which have experienced 16 percent growth in funded loans thus far in 2013, with the ability to help members and consumers gain credit union financing at the dealership, and helped dealerships sell more cars.
“We have truly enjoyed our relationship with CUDL over the last six years. It has provided us with the opportunity to reach a larger customer base, that being the credit union member,” says Tim Rivers, finance director for San Antonio, Texas-based Gunn Honda. “With the CUDL platform we have also been introduced to new lenders that were unavailable to us prior to the relationship being formed. In addition, with the SMARTFund feature, we are being funded much faster, decreasing our Contracts in Transit, and increasing our cash flow.”