Altura CU’s Auto CUSO Reports Revenue Increase
Auto Expert, an auto locating and buying subsidiary of Altura Credit Union, recently reported revenue was up 38% through the second quarter over the same period in 2011.
Total vehicles sales were also up 35% over the same period, according to Auto Expert, an affiliate company of the $708 million Altura in Riverside, Calif.
Aftermarket sales revenue was up 37% through the second quarter of 2012 compared to the same period in 2011. Aftermarket sales revenue is derived from DVD players, paint sealants, back-up cameras and similar accessories, said Chris Andrus, president of Auto Expert.
The latest financials are good news for the company considering that the economic downturn had hit the Inland Empire in Southern California especially hard, Andrus said. In 2009, Auto Expert had to implement internal restructuring moves, including layoffs, to make up for lost revenue brought on by the Great Recession.
While unemployment topped 15% at one point, the region began to stabilize last year, Andrus added.
“People are finally beginning to act on that pent-up demand,” he said in a statement. “They put off buying a car, new or used, for years and now they are buying again.”
Auto Expert said it now provides auto locating and buying services to 17 credit unions.