SAN FRANCISCO — The National Automobile Dealers Association is the largest gathering of auto dealers in the country and CUDL, which administers the nation's largest point-of-sale and indirect auto lending network for credit unions, was there for the fifth year in a row.
The convention ran from Feb. 9-12 at the Moscone Center here and attracted over 25,000 attendees and approximately one-third of all U.S. dealerships. The CUDL strategy is to "create a united presence at the convention to increase dealers' awareness of the market place power credit unions possess," said CUDL President/CEO Tony Boutelle. Representatives from 27 credit unions joined with CUDL at last year's NADA convention and the CUDL booth drew over 2,500 visitors.
A force again this year, CUDL's presence, together with the power of its 600-member CU clients has helped to increase industry awareness of the benefits of partnering with credit unions significantly," said Boutelle. "Our continued goal at NADA is to build upon that awareness and strengthen the growing relationship between credit unions and dealers."
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CUDL's board of directors recently approved a 3% dividend on the current share price of $1,000, totaling $1.3 million, to its 83-member credit union shareholders for the 2007 calendar year. This is a 50% increase over the 2% dividend payout to shareholders in 2006 and 2005 and equates to $30 per share owned, the company said.
A new partnership agreement with Pennsylvania State Employees Credit Union was also finalized by the CUSO. PSECU currently has the largest credit union automotive lending volume in the state and will now enhance its line-up of member product offerings and services through CUDL to expand its reach to dealers throughout Pennsylvania and surrounding states.
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