CENTENNIAL, Colo. (1/17/14)--CU Direct Connect (CUDC) said that indirect auto sales growth closed strong in 2013 as its member credit unions received 33% more auto applications in 2013 than in 2012. Overall auto funding volume was up 28.5% compared with 2012.
CUDC member credit unions increased market share 130 basis points on a year-over-year basis in 2013, the company said.
Year-over-year CUDC experienced 23% gain in revenues and a 61% increase in net income. The company increased net income nearly three times faster than revenues, it said. Book value rose 17.5% for 2013.
Preferred lender agreements with the AutoNation and Sonic Automotive dealer groups, and CUDC exclusivity during Phil Long's group sales events held at the World Arena in Colorado Springs, Colo., were among the developments in 2013 that spurred the positive results, CUDC said.
CUDC also rolled out new technology in 2013. Opportunity Pool is an online tool that partners use to view and fund loans that are declined from other participating credit unions. CUDC also established a connection to both RouteOne and DealerTrack web-based credit application and integrated Open Lending's Lenders Protection product.