ONTARIO, Calif. (4/28/14)--CU Direct, administrators of an auto-lending service network for credit unions, has expanded its lending network to include 11,000 dealers.
"The increase in dealership participation we have experienced over the last few years further underscores the value dealers see in partnering with credit unions and using our expanding lending network," said Jerry Neemann, CU Direct's executive vice president of automotive solutions. "Our goal is to provide leading products and services to dealers and credit unions that add value to their relationships, grow sales opportunities for dealers and generate loan growth for credit unions."
The company's CUDL auto lending network reached the record mark after hitting the 10,000-dealer milestone less than a year ago. The CUDL network includes dealers in all 50 states.
The auto lending network also includes more than 1,100 credit unions, representing 38 million members nationwide.
CU Direct credit unions generated a record $16.3 billion in auto loans through the CUDL network in 2013, while experiencing 21% growth in funded loans thus far in 2014.