Year-over-year CUDC has enjoyed a +23% gain in revenues and a +61% increase in net income. Additional operational and technical efficiencies continued to improve allowing CUDC to grow net income nearly three times faster than revenues. CUDC unit stock holders were nicely rewarded as the unit book value finished up +17.5% for 2013.
Blair Korschun, CUDC’s President/CEO, stated “We are very proud to report that as a collective group our member credit unions enjoyed a full year-over-year 130 basis point increase in market share in 2013. During the same period, most of the larger auto lending competitors in Colorado all lost market share.”
Some significant events that impacted the success of 2013 included preferred lender agreements with the AutoNation and Sonic Automotive dealer groups, as well as CUDC exclusivity during Phil Long’s group sales events held at the World Arena in Colorado Springs.
In addition, CUDC enabled new technology to support the growth of the CUSO. The “Opportunity Pool” is an online tool launched in July 2013 which partners use to view and fund loans that are declined from other participating credit unions. A connection to both RouteOne and DealerTrack was made to position CUDC for growth and flexibility in 2014. CUDC also integrated Open Lending’s, Lender’s Protection product allowing participating lenders to safely buy deeper using this insurance product.
Risk mitigation and compliance continues to be a focus for the CUSO, and CUDC continues to maintain strong relationships with its state examiners and the NCUA. In the fall of 2013, CUDC successfully received a SOC II Type I certification for Security and Privacy controls and will continue to enhance security both internally and externally in 2014.
For more information regarding CUDC member benefits for credit unions and auto dealer partners visit us online at www.CUDirectConnect.com. Consumers interested in an auto loan or joining a local credit union may visit www.GetACreditUnionLoan.com.
About CU Direct Connect
Formed in 2002, CU Direct Connect (CUDC) is a credit union service organization (CUSO) providing state of the art vehicle lending and origination funding platforms utilized by credit union members and auto dealer partners. CUDC enables any size credit union to generate auto loans and acts as a risk consultant to all partners. The organization is based in Colorado and currently serves 35+ credit unions for vehicle lending which supports the hundreds of auto dealer partners currently enrolled in the CUDC program. CUDC, through its member credit unions, is collectively one of the largest auto lenders in Colorado. For additional information visit us online at www.CUDirectConnect.com | www.GetACreditUnionLoan.com.