BATON ROUGE, La. — Wolters Kluwer Financial Services said that Credit Union Acceptance Company (CUAC), a credit union
service organization that represents 130 credit unions in the indirect auto
finance market, has joined its AppOne credit union platform.
AppOne provides risk mitigation, compliance and
Internet-based workflow automation technology to auto dealers and auto lenders.
Using the AppOne platform, CUAC can enable participating credit unions to
originate auto loans from AppOne’s network of auto dealers while helping to
minimize risk, comply with applicable law, and reduce overall lender
operational costs.
In April, the number of independent auto dealerships rose
for the first time since 2006, according to CNW Marketing Research. The firm
attributes the increase to growing strength in the used car market and layoffs
at franchised dealerships. Independent dealers are focused on maintaining
positive relationships with lenders as they continue to look for ways to build
their business.
“Sometimes there is a misconception that independent auto
dealers are only looking for subprime lenders,” said Lee Domingue, CEO of
indirect lending at Wolters Kluwer Financial Services. “But many prime
customers are buying used vehicles, particularly in the current marketplace.
Working with CUAC, we help our dealer customers connect with more credit union
lending sources.”
“Not only does AppOne help CUAC’s participating credit
unions build a new growth channel with independent dealers, but it also helps
mitigate the compliance and operational risks credit unions face every day,”
said Kurt Howard, executive vice president at CUAC. “AppOne’s platform
simplifies the auto lending process from start to finish, which ultimately
benefits our credit unions’ business.”
