CUSO Partnership Boosts Auto Collateral Management
CU Solutions Group has teamed up with wireless carrier Sprint and mobile resource management provider Spireon’s Automotive Solutions Group to help credit unions grow their auto loan portfolios even more.
Through the alliance, the Livonia, Mich.-based CUSG, owned by the Michigan Credit Union League & Affiliates, has added Spireon’s LoanPlus collateral management system.
The CMS platform aims to help credit unions capture real-time data about their automotive collateral's location, movement and status, then leverage this data to improve member services, collateral management and collections, according to the three partners.
The latest generation of LoanPlus CMS runs on the Sprint 3G nationwide network. CUSG and Spireon introduced LoanPlus CMS on the Sprint Now Network and the platform is available to credit unions exclusively through the CUSO.
In January, the platform was also recognized as "Best Automotive Collateral Management Platform" in the M2M category during the 2014 Consumer Electronics Show in Las Vegas, according to the partners.
"With this new affiliation, CUSG can expand our offerings for credit unions to help them grow their auto lending business and better serve their members," said Dave Adams, CEO of CUSG, which provides marketing, technology, membership enhancements, performance management and lending & insurance to credit unions.
Sprint played a key role in facilitating the three-way alliance that aims to increase a credit union's ability to lend in the non-prime auto loan market, according to the partners. The company said it served more than 55 million customers at the end of 2013.
"Sprint's long-standing relationship with credit unions and CUSG has provided tremendous value to credit union members," said Brian Miller, regional vice president at Sprint. "This expanded affiliation with CUSG and Spireon builds on our track record of bringing innovative solutions to credit unions across America."
The LoanPlus CMS received an overwhelming response at CUNA’s Governmental Affairs Conference in Washington last month, said David Meyer, executive vice president of Spireon's Automotive Solutions Group.
"Now with Sprint and our CDMA-enabled LoanPlus CMS solutions, we bring a whole new dimension of acquiring, servicing and managing the risk of auto loans for CUSG's credit union partners,” Meyer said.