Thanks to its member credit unions experiencing an increase in market share, CU Direct Connect said indirect auto sales were strong in 2013.
The Centennial, Colo.-based CUSO said it received 33% more auto applications last year than in 2012. Overall auto funding volume was up more than 28.5% during the same period. CUDC serves more than 35 credit unions.
Year-over-year, CUDC said it has enjoyed a more than 23% gain in revenues and a 61% increase in net income. Additional operational and technical efficiencies also continued to improve, allowing CUDC to grow net income nearly three times faster than revenues, the CUSO said.
“We are very proud to report that as a collective group, our member credit unions enjoyed a full year-over-year 130 basis point increase in market share in 2013,” said Blair Korschun, CUDC's president/CEO. “During the same period, most of the larger auto lending competitors in Colorado all lost market share.”
CUDC signed preferred lender agreements with the AutoNation and Sonic Automotive dealer groups, as well as exclusivity during Phil Long's group sales events held at the World Arena in Colorado Springs, Colo.