Autoland Earnings 76% Ahead of Forecast
July 30, 2013
July 30, 2013
Citing an increase in direct leads from credit union partners and improved sales, second quarter profits for Autoland, Inc. were 76% ahead of forecasted earnings through June. Sales productivity for the auto buying service was up 8.5% while direct loan volume to credit union partners increased 9.4% year-over-year.
“The competition from banks and manufacturer finance groups is fierce this year with the return of attractive leasing programs and purchase rates,” said Autoland, Inc. President Jeffry Martin. “The fact that eight out of ten members we work with end up getting their loan at one of our credit union partners is a testament to the auto buying experience we provide and our expertise in retaining the finance opportunity for our partners.”
With the recent announcement that the credit union service organization (CUSO) of Mission Federal Credit Union has acquired majority ownership of Autoland, plans are proceeding to expand the company’s service footprint. Seven new partnerships have been added year-to-date with IBEW and United Workers FCU, Portland, Ore.; Diablo Valley FCU, Concord, Calif.; Desert Communities FCU, Needles, Calif.; Point Loma CU, San Diego, Calif.; Pacific Marine CU, San Diego, Calif.; Southland CU, Los Alamitos, Calif.; and Yolo FCU, Woodland, Calif. now offering the Autoland service. The CUSO indicated that additional pending partnerships will be finalized now that the ownership transition to Mission Federal Credit Union’s CUSO is complete.
“In the short term, we’ll be increasing our service to additional credit unions in California, Oregon and Washington,” said Martin. “We are actively pursuing partnerships in neighboring states and we would like to establish operations in Arizona, within the next year.”
Founded in 1971, Autoland is the auto buying service of choice for more than 200 credit unions nationwide, representing more than eight million credit union members. Providing members with innovative online shopping tools, a personalized concierge car buying service for both new and pre-owned vehicles and a convenient trade-in process, Autoland has delivered over $1.8 billion in direct auto loans to credit union partners in the last ten years. Autoland helps members make an educated car buying decision while promoting the value of credit union financing to help partners achieve their lending goals. Autoland is a collaborative credit union service organization (CUSO) and is endorsed by the California and Nevada Credit Union League and the Northwest Credit Union Association.
Strategic Link is the NWCUA’s wholly-owned service corporation, using the power of aggregation to provide the Association’s member credit unions with exclusive high-quality, competitively-priced products and discounted services. Contact Director of Strategic Partnerships Craig Reed today to find out how Strategic Link can help your credit union save money while meeting its goals in 2013 and beyond: 206.340.4789, email@example.com.
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