LAS VEGAS -- In a bid to expand its reach to independent auto dealers, CU Direct Corp. announced last week it has reached an agreement with Manheim Automotive Financial Services of Atlanta to offer the firm's inventory financing/funding package to client credit unions.
Speaking at the annual meeting of CU Direct or Credit Union Direct Lending, Tony Boutelle, president/CEO, said the Manheim hookup would permit CU due diligence services for Manheim's 12,000 independent dealers.
In a press release, Manheim Automotive Financial Services said its program would "enhance the business relationship between credit unions and independent auto dealers giving credit unions the opportunity to grow their market share in the auto finance arena."
"As a result of the program, credit unions will benefit from the protection and security features which guarantee vehicle title, ensure vehicle trade-ins are paid off, and that all vehicle registration paperwork is successfully handled through each state's motor vehicle department," said Manheim.
Manheim, continued the release, "has a strong relationship with independent dealers and is positioned to provide credit unions a new market for growing their loan portfolios."
The program, said Kathy Decker, vice president and general manager of MAFS, would provide CUs "assurances that offer peace of mind."