CU Direct Connect (CUDC) announced today their 2014 year-end results. It was a strong year for the business as auto loan application volume was up +25.3%, helping close the year with more than $1 billion in funded loans netting a 30% year-over-year increase. CUDC broke $10 billion in Indirect Auto funding since the business was formed out of Aimbridge in early 2003.
CUDC grew program market share for the third straight year while most captives and many large banks lost share in Colorado in 2014. The year brought not only loan growth, but also geographical expansion as CUDC began doing business in Wyoming in June.
“I am thrilled to share our results as CUDC showed a record-breaking year for the business,” said Blair Korschun, CUDC’s president and CEO. “There are some new initiatives that will position CUDC to continue the growth cycle to bring a very strong 2015, and we are looking forward to being able to share these updates with our partners in the near future.”
CUDC became one of the first indirect lenders in Colorado to accept e-contracts using an e-Vault with one of the nation's largest dealer groups. This service will be made available to other dealerships throughout 2015 with the goal of reducing turn-times for auto applications submitted by dealer partners. The company also began offering a limited underwriting service in the fourth quarter of 2014 and has plans for a full rollout as an optional service to all credit union partners in the first quarter of 2015.
In addition, 2014 was a year of enhancements within the business as the company strengthened risk management, compliance and network security efforts receiving its first SOC II Type II certification for privacy and security controls.
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 www.CUDirectConnect.com | www.GetACreditUnionLoan.com.
