Vehicle buying CUSO Autoland Inc. said its first quarter earnings included a 16% sales increase over the same period last year.
The Chatsworth, Calif.-based CUSO told Credit Union Times Monday that its lead volume is up 27%, which puts it on track to exceed its second quarter sales forecast. Autoland said it is projecting a 13% increase in car sales this year.
Over the past seven months, the CUSO has added 11 new credit union partners, according to Autoland. It serves more than 200 credit unions, the CUSO said.
“We have increased Autoland’s revenue opportunities by adding new credit union partners and expanding our service presence to more key locations in California and Oregon,” said Jeffry Martin, Autoland president, in a statement.
With the increase in membership in the first three months of 2012, Martin said the growth will bring more opportunities to finance more automobile purchases.
“The demand is there on both sides and we’re servicing that demand by getting the vehicles members want while retaining the financing for our credit union partners at a rate of 82%,” Martin said. “In fact, our partners have seen their loan dollars through Autoland increase this year, by an average of 40%.”
Formed in 1971, Autoland became a credit union-owned entity in 2007 through Telesis Community Credit Union and two other California cooperatives, Kinecta Federal Credit Union and California Agribusiness Credit Union, through CU Vehicles LLC, a holding company owned by the credit unions.
After being placed in conservatorship by the California Department of Financial Institutions in March due to in large part to business lending losses, the NCUA turned over management of the $301 million Telesis in Chatsworth, Calif., to the $1.3 billion Premier America Community Credit Union, also in Chatsworth.