More business referrals from a growing roster of clients helped vehicle buying CUSO Autoland Inc. drive $93.2 million in loans to its credit union partners in 2012.
The Chatsworth, Calif.-based firm said it posted a year-over-year net profit increase of 174% last year. Autoland said it also raised its auto loan to vehicle sale retention rate to a combined 82%.
“2012 was an excellent year for Autoland – we exceeded our sales forecast, added significant credit union partnerships, expanded in-house office locations and retained more direct loans for our partners than ever before,” said Jeffry Martin, president of Autoland.
This year, auto loan portfolio growth will remain a priority for the CUSO’s credit union partners, particularly in the new vehicle finance market, Martin offered.
Year-to-date, Autoland said it has already added three new credit union relationships and with light-vehicle sales projected to rise by one million units this year, the CUSO is positioned to service an even greater number of members in 2013, he added.
“With sustained car buying demand, the competition for member loans and aftermarket product sales will be fierce. Autoland’s expertise in retaining this business will be essential to the success of our partners reaching their 2013 loan goals,” Martin said.
Founded in 1971, Autoland is held by CU Vehicles LLC, a collaborative CUSO, and serves more than 200 credit union partners. Autoland said it has sold more than $1.8 billion worth of vehicles to credit union members in the last decade.