This integration will cut down the time it takes dealerships to process F&I, while connecting them with an extensive pool of credit unions.
Delinquencies are rising and auto finance sources are responding. But the editor wonders if there’s something else at play.
The more than 1,000 credit unions on CU Direct’s lending platforms maintained their No. 2 spot on Experian’s auto finance leaderboard in January. And with plateauing demand for new vehicles expected to drive up pre-owned sales, the market appears ripe for credit unions to reap further market share gains.
Credit unions funded 1.4 million loans through CU Direct’s Lending 360 and CUDL lending platform, generating a record $30 billion in credit union auto loans in 2016 and surpassing the $26 billion in loans the company funded in 2015.
Ron Frey, former chief strategy officer and president of AutoNation Direct, has joined CU Direct as chief strategy officer of its automotive solutions. He will oversee the planning and direction of automotive solutions for the credit union technology provider.
Credit unions funded a record 529,000 auto loans through CU Direct’s Lending 360 and CUDL platforms in the first half of 2016. That amounts to more than $16.1 billion in funded automotive loans.
Credit unions are competing aggressively in the automotive marketplace, financing one in four auto loans so far in 2015, CU Direct reports.
CU Direct will showcase the latest generation of its vehicle-shopping website, as well as its new Auto PREMIER concierge program.
CUDL has completed dealer management system integration of its lending system with Open Dealer Exchange, along with the DMS of ODE's parent companies ADP and Reynolds and Reynolds.
After adding more than 1,000 dealers last year and expanding into Canada, CUDL announced that it now has 10,000 dealers on its credit union lending network.
media brand
The secure and easy all-access connection to your content.
Bookmarked content can then be accessed anytime on all of your logged in devices!
Already a member? Log In