This integration allows DriveCentric dealership partners to connect with the nation’s largest network of over 1,100 local and national credit union lenders and their 64+ million members.
Alliance gives dealers using the CUDL AutoSMART program additional digital inventory exposure through J.D. Power.
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.
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