SHERMAN OAKS, Calif. -- Kinecta Federal Credit Union made an equity purchase in CU Vehicles LLC, the holding company for Autoland Inc.
Randy Dotemoto, chief strategy officer for Kinecta, will join the Autoland board of directors.
"Autoland provides a valuable service to credit union members," said Dotemoto. "Kinecta is looking forward to being a part of the continued growth of Autoland. Autoland's model captures the collaborative culture of the credit union movement and we look forward to building this model nationally."
Since becoming a CUSO last year, Autoland has had more than 15 credit unions sign up for its auto buying services or its retail remarketing program.
Kinecta is the third credit union to purchase a stake in Autoland.
"We couldn't be more pleased to have Kinecta Federal Credit Union aboard as a partner," said Mark Chandler, president of Autoland. "They recognized the important service that Autoland provides to credit unions in helping them acquire direct auto loans while assisting members through the entire process of purchasing a vehicle."
Four Calif. CUs Sign On to Auto Expert
RIVERSIDE, Calif. -- Four Southern California credit unions have added the services of Auto Expert to provide auto locating and buying services for their membership.
Lockheed Federal Credit Union, Burbank; First Financial Credit Union, West Covina; Southland Credit Union, Los Alamitos; and E1 Financial Credit Union, Monterey Park, have a combined 233,000 members that will have the opportunity to use Auto Expert.
"Auto Expert is excited about these four partnerships because their core values and member focus tie directly to our quality initiatives," said Chris Andrus, Auto Expert president. "We look forward to working with these partner credit unions and providing new and enhanced auto locating and buying services for the benefit of the credit unions and their respective memberships."
Auto Expert was recognized with the California governor's Award of Excellence earlier this year and the 2007 Gold California Award for Performance Excellence from the Council for Excellence.
Five Star CU, CUDL Create Partnership
RANCHO CUCAMONGA, Calif. -- Five Star Credit Union, based in Dothan, Ala., has finalized a new partnership agreement with CUDL.
Five Star has 17,000 members throughout Alabama and Georgia and has more than $157 million in assets. The credit union partnered with CUDL to expand its reach to the automotive dealers throughout Alabama and Georgia.
The agreement makes it possible for the integration of Five Star's back-office processing and loan origination with CUDL's national auto lending platform.
"Our decision to partner with CUDL is driven primarily by a need to offer a point-of-sale resource to our members who are financing with competitors already established at various dealerships in our service area," said Robert Steensma, CEO of Five Star. "It's icing on the cake to work with an organization who is credit union owned and operated and focused solely on one of our core business functions."
Five Star will also incorporate CUDL's AutoSmart program. The program will help Five Star extend its brand and member offering by providing members with online vehicle research tools, as well as access to dealers and their inventories.
"We are very excited about our new partnership with Five Star, and we look forward to the opportunity to help them attain their auto lending goals," stated Bob Ceo, southeast regional director CUDL. "It is our commitment to provide Five Star with the solutions and services they require to advance their success in the auto lending marketplace."
CUDL has more than 650 credit union partners nationwide.
CUALN and NARFE Premier Join to Expand Member Service
ALEXANDRIA, Va. -- Credit Union Auto Loan Network has joined together with NARFE Premier Federal Credit Union in an agreement that integrates NARFE's underwriting capabilities with CUALN's regional auto lending platform.
The agreements allows for NARFE members to have simplified credit union financing available through more than 250 participating dealerships established by CUALN in Virginia and Maryland.
"We are very excited to partner with the CUALN," said Anthony Walker, president/CEO of NARFE. By participating in an extensive dealer network, in and around the Metropolitan Washington, D.C. area, NARFE further demonstrates its commitment to be more convenient and accessible to our mobile membership."