Led by several key drivers, second-quarter profits for auto buying service CUSO Autoland Inc. were 76% ahead of forecasted earnings.
An auto loan portfolio worth $463 million and vehicle lending as a core product for over 50 years were factors that put Mission Federal Credit Union ahead of the pack during the bidding process for Autoland Inc.
This preview from next week's print edition takes an in-depth look at Mission FCU's acquisition of the Autoland CUSO.
More than a year after co-parent Telesis Community Credit Union’s financial woes pushed it into conservatorship, auto buying CUSO Autoland Inc. said it is looking forward to a fresh start.
“This allows us to stay in the credit union family as a CUSO, with a strong strategic credit union as the majority owner."
Vehicle buying CUSO Autoland Inc. said its first quarter earnings included a 16% sales increase over the same period last year.
The NCUA has clarified that Autoland Inc., the auto buying CUSO co-owned by Telesis Community Credit Union, will continue to operate.
To help local communities by funding charities supported by partner credit unions, Autoland Inc. has created its Charitable Grant Program.
The $568 million Seattle Metropolitan Credit Union and the $379 million Verity Credit Union in Seattle are the newest clients.
When Jeffry Martin took the helm of Autoland Inc. 18 months ago, some hard decisions had to be made if the company wanted to expand on its 35-year reputation of vehicle purchasing and financing