More members using financing to replace their aging vehicles ledto a 17% increase in first quarter sales for auto buying CUSOAutoland Inc.
|The Chatsworth, Calif.-based CUSO said its first quarterprofitability increased 29% over the same period last year.
|Direct loan volume to credit union partners also improved by 21%with the CUSO's auto loan retention rate increasing to a combined85%, according to Autoland.
|With credit union members continuing to take advantage ofavailable credit to replace aging vehicles, Autoland said its first quarter salesproductivity demonstrated a year-over-year increase of 17%.
|“Our success as a strategic partner that drives direct auto loans, is due to the majority of our credit unionsimplementing Autoland's best practices in the last year,” saidJeffry Martin, president of Autoland.
|While the CUSO will remain focused on expanding its service tomarkets in California, Washington and Oregon, interest in Autolandfrom credit unions in other states remains high, Martin said.
|“We'll look to grow our service footprint into new territoriesas we determine it feasible to do so,” he said.
|Autoland said it serves more than 200 credit unions nationwiderepresenting more than 8 million members.
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