Led by several key drivers, second-quarter profits for auto buying service CUSO Autoland Inc. were 76% ahead of forecasted earnings.
That Chatsworth, Calif.-based CUSO said an increase in direct leads from credit union partners and improved sales were behind the profit growth through June.
Sales productivity for Autoland was also up 8.5% while direct loan volume to credit union partners increased 9.4% year-over-year, according to the CUSO.
With the recent announcement that the $2.4 billion Mission Federal Credit Union in San Diego had acquired majority ownership of Autoland, plans are proceeding to expand the company’s service footprint, the CUSO said.
Seven new partnerships have been added year-to-date and additional pending partnerships will be finalized now that the ownership transition is complete.
“In the short term, we’ll be increasing our service to additional credit unions in California, Oregon and Washington,” said Jeffry Martin, president of Autoland. “We are actively pursuing partnerships in neighboring states and we would like to establish operations in Arizona, within the next year.”
Autoland said it now serves more than 200 credit unions.