Connexus Credit Union said it has bought Financial InstitutionLending Options LLC, a company that provides financial institutionswith auto loans through pool sales, participation pools or wholeloan flow sales.

The $500 million Connexusin Wausau, Wis., said FILO was formed in 2001 to provide financialinstitutions in Wisconsin with the opportunity to purchase auto loans “in a secure, controlled and technologicallyadvanced manner.”

From its network of more than 400 dealers, the Mukwonago,Wis.-based FILO has reached well over $1 billion in auto loans,according to Connexus.

“Connexus Credit Union is excited for the opportunity to workwith FILO and the 22 credit unions that take part in FILO's lendingprograms,” said J. David Christenson, president/CEO of the creditunion.

“We plan to leverage the combined talents of FILO and Connexusto expand the FILO program to more credit unions in other states,”Christenson said.

Jerry Briggs, FILO president/CEO, said Connexus' purchase of thecompany will allow it to further increase and build its growth inthe auto finance market.

“This transaction strengthens our company, which positions us tofurther benefit our clients,” Briggs said.

The purchase price of FILO was not released.

In 2011, Connexus announced that it had partnered with CarQuotes.com to provide members and potential members with theability to search for new or used vehicles, compare vehicles, getquotes and find information on rebates and incentives.