CU Direct Connect (CUDC) announced their 2015 year-end results today. It was the best year ever for the business, as auto loan-application volume was up 52%, helping close the year with more than $1.39 billion in funded contracts and netting a 39% year-over-year increase. Revenue grew 33%, while net income grew more than 62% year over year.
“I’m also pleased to announce that CUDC is expanding its Indirect Auto program into Washington state in January 2016. Additional expansion markets are planned later in 2016, which will help propel CUDC to new record indirect-lending volume in the coming year.”
In a year when the S&P 500 Index was slightly negative, CUDC’s credit union owners enjoyed a 37% increase in the book value of their unit shares.
CUDC grew program market share for the fourth year in a row, while most other large lenders lost share in Colorado in 2015. CUDC as a program also broke into the top ten auto-lender rankings in Arizona by late 2015, and it expects to continue to climb up the Arizona rankings during 2016.
“I am thrilled to share our end-of-year results, as CUDC broke records on every key metric for the business in 2015,” said Blair Korschun, CUDC’s President/CEO. “I’m also pleased to announce that CUDC is expanding its Indirect Auto program into Washington state in January 2016. Additional expansion markets are planned later in 2016, which will help propel CUDC to new record indirect-lending volume in the coming year.”
CUDC also grew its underwriting service in 2015 and added a new fraud-alert-review service for its credit union program members. Clients using CUDC’s underwriting service saw significant reductions in application-decision turn time, which is very important to their dealer partners. During 2015, CUDC partnered with FICO to build two custom scorecards to improve the quality and strength of their credit union’s application decisioning. CUDC expects these new custom scorecards will add substantial value for its partners in 2016.
For more information regarding CUDC member benefits for credit unions and auto-dealer partners, visit them 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 40+ 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 and is a top ten auto lender in Arizona. For additional information visit www.CUDirectConnect.com | www.GetACreditUnionLoan.com.