ONTARIO, Calif. (12/26/12)--CUDL, which administers the auto lending network for credit unions, will represent more than 1,000 credit union partners at the National Automobile Dealers Association (NADA) Convention for the 10th consecutive year.
The nation's largest auto dealer convention takes place Feb. 8-11 in Orlando, Fla. More than one third of all U.S. dealerships attend the convention each year.
During the convention, CUDL will promote its growing credit union network as well as the benefits of a strong credit union and dealer alliance. It also will showcase a suite of products, including AutoSMART program and the CUDL Dealer Portal site.
AutoSMART is a vehicle research website, with more than one million cars in dealer inventory. It connects more than 7,000 participating dealers to more than 1,000 credit unions and their 34 million members nationwide.
The CUDL Dealer Portal is a site that helps dealers secure credit union financing for their customers and access pre-qualified credit union members in the market for a vehicle.
Vero, a CUDL subsidiary, will highlight aftermarket products that help dealers retain customers, improve efficiencies and increase profits, said CUDL in a press release
Credit unions' monthly auto lending market share in 2012 grew to 18% in September from 16.3% in March, said CUDL. Year-to-date, credit union market share stands at 17.6% after closing 2011 at 16.9%.
CUDL credit unions are the eighth largest auto lender in the U.S. and experienced 27.4% growth year-to-date. Through November of this year, they funded 600,000 auto loans totaling more than $12 billion.
"Our participation at the convention continues to focus on increasing dealers' understanding of the benefits of the credit union-dealer relationship, as well as the value of our credit union-based lending network and the many solutions we provide to help dealers grow their bottom lines," said Jerry Neemann, executive vice president, CUDL Automotive.
"Over the last decade, we have seen significant progress in auto dealers' appreciation of credit unions and the advantages of credit union-dealer relationships," Neemann said.
PLANO, Texas (12/26/12)--Catalyst Corporate FCU celebrated the International Year of Cooperatives (IYC) by growing and serving more member credit unions--cooperatively.
During the year, the Plano, Texas-based Catalyst Corporate expanded the number of member credit unions it served by 42%, from just under 900 to nearly 1,300. The corporate now provides service to more than 17% of U.S. credit unions in 21 states.
Nearly 10% of its member credit unions have assets above $250 million, and one-third is in the $25 million to $250 million asset range. More than half have assets of $25 million or less. The total number of "natural person" members represented by Catalyst Corporate member credit unions nationwide is more than 14.5 million.
Regardless of location or size, Catalyst Corporate provides each credit union with cooperatively priced wholesale financial services and helps credit unions stay abreast of technology-based services by using the power created by aggregation, said the corporate. Jointly, member credit unions can do more at a better price than they could as an individual financial institution, Catalyst added.
In a competitive environment, where natural person credit unions can be served by a plethora of for-profit vendors, Catalyst Corporate discovered its membership recognizes the cooperative difference.
In a membership survey conducted earlier this year, credit unions were asked to describe Catalyst Corporate on a seven-point scale, where one equaled "For-Profit Vendor" and seven equaled "Member-Driven Cooperative." Sixty-five percent of the respondents perceived the corporate as a member-driven cooperative, 3% were neutral and 5% leaned toward the perception of a for-profit vendor.
"Providing service to member credit unions is our sole reason for existence," said Kathy Garner, Catalyst's president/CEO. "One of the critical benefits of the cooperative system is that members are owners. As Catalyst Corporate--and the entire credit union system--rebounds from the financial crisis of recent years, we have been committed to listening to our members. Responsiveness is a core value of Catalyst Corporate--not just during the International Year of Cooperatives--but for the years to come," she said.
The United Nations General Assembly designated 2012 as the International Year of Cooperatives with the slogan, "Cooperative Enterprises Build a Better World." Catalyst Corporate said it took the message to heart, by introducing new services such as mobile banking and real-time teller capture and by continuing to offer sound balance sheet management strategies to its growing membership.