Credit union executives and management teams from across the country gathered to hear top automotive industry speakers, learn new auto lending success strategies, and network at the Credit Union Direct Lending (CUDL) Fifth Annual Auto Lending Symposium at the Rio Suite Hotel and Casino, June 18 - 20 in Las Vegas.
Five credit unions were honored during the CU Direct Corporation Annual Meeting for overall indirect lending practices in the areas of dealer relations, member awareness, portfolio management, and innovation. The Best Practice winners were selected from three asset categories and include: in the category of up to $100 million in assets, Washoe Credit Union, Reno, NV; which has an effective website co-branding campaign among their noted strengths. In the $101 million - $600 million category, Yolo Federal Credit Union, Woodland, CA, attributed much of their indirect lending success to an extensive dealer relationship program; and Oregon Community Credit Union, Eugene, OR; whose best practices include an efficient reporting and management review process that allows them to monitor portfolio volume and quality for appropriate action. The $601 million - plus category winners include, Portland Teacher's Credit Union, Portland, OR, which excelled in cross selling services to new members received through the CUDL channel; and Wescom Credit Union, Pasadena, CA, who achieved successful CUDL GAP penetration on their indirect portfolio, thereby generating additional revenues that improved total profitability of CUDL new loan accounts.
Commenting on the best practice awards, Tony Boutelle, president and CEO of CU Direct Corporation states, "Our best practice recipients play an important role in the CUDL network. By sharing their ideas and successes with their credit union peers, helps to strengthen the effectiveness of the program for all participants."
The corporation said that more than 300 credit union executives from 175 credit unions, dealerships and vendors heard keynote presentations that focused on current trends in the automotive industry, from Edward Lapham, editor, Automotive News, Bill Brooks, president, The Brooks Group, David Mingle, president and COO, Chrome Systems, and Tom Kontos, vice president, Adesa Corporation. Symposium attendees also participated in several educational sessions and roundtable discussions, which featured topics such as How to Effectively Convert New Members from Indirect Lending Programs, How to Effectively Use AutoCount reporting to increase market share, two separate panel sessions with dealer representatives from dealerships on the CUDL platform and panel sessions with credit unions that have demonstrated best practices in the areas of operations, risk management and marketing.
"This year's Symposium was our most successful thus far," stated Boutelle. "We received very positive feedback and high approval ratings from the attendee evaluations, and are pleased this has become a popular forum where credit union management and dealers can network and increase their auto lending knowledge."
Based in Rancho Cucamonga, CA, CU Direct Corporation administers the Credit Union Direct Lending (CUDL) program, which allows members to receive credit union financing at the auto dealership through an automated decisioning system. CU Direct develops custom applications, training, and marketing programs to help credit unions achieve their indirect lending goals. The CUDL program includes 1,972 dealerships and 256 participating credit unions in California, Nevada, Texas, Oregon, Washington, Massachusetts, New Hampshire, Rhode Island, and Florida. In 2002, participating CUDL credit unions funded 177,011 contracts for more than $3.3 billion in credit union auto financing. For more information visit www.cudirect.com.
