Growth of CUDL Program Pushes Reorganization Of Company's Management Team

RANCHO CUCAMONGA, Calif. – Fueled by the success and growth of the Credit Union Direct Lending program and the company’s anticipated continued expansion into new markets and new corporate technology initiatives, CUDL has reorganized its management team. Kip Haas was hired as senior vice president/chief information officer and will be responsible for development and implementation of new technology for the CUDL program. In addition, Jerry Neemann, currently svp of business development, was promoted to svp and chief operations officer. Additional management changes include: * the appointment of John Carrington, regional director Northern California, to vp sales and operations; * Evan Etheridge, regional director Northeast region to national sales director. He will relocate to the company’s headquarters in Rancho Cucamonga; * Phil Maniaci will fill the position of northeast regional director formerly held by Etheridge; * Sean Kelly who was instrumental in CUDL’s expansion into various states, will fill the newly created position of southwest regional director. “The CUDL program experienced tremendous growth during this past year, with a 48% increase in total auto financing and the addition of four new states to the network,” said CUDL President/CEO Tony Boutelle. “This new management structure will help facilitate the continued growth of the CUDL system in new markets and provide strategic direction for all upcoming products and services throughout the organization.” The CUDL program includes 2,270 dealerships and 280 participating credit unions in 12 states including California, Nevada, Texas, Oregon, Washington, Massachusetts, New Hampshire, Rhode Island, Florida, Minnesota, Virginia, and North Carolina. The company currently has 120 employees, and Boutelle said he plans to add 40 more by the end of 2004. Most of those new employees will be in new markets CUDL is expanding into and in the technology area, he said. Of course, the company was much smaller when it was founded 10 years ago – it only had two employees then, one of whom was Boutelle. “Like any small company, everyone wore many hats. Now we have more specialists,” said Boutelle. He added that in the beginning of CUDL’s history, when staff was added they were mostly hired for marketing and customer care. Now, said Boutelle, people are being hired into field positions and technology. As an example of CUDL’s growth during 2003, Boutelle said the company saw a 48% increase in total auto financing from 2002′s $3.3 billion. Participating credit unions funded 245,175 auto-financing contracts through the CUDL system which generated more than $4.8 billion in credit union auto financing. But while some of that increase came from the new markets CUDL expanded into during the year, Boutelle said the greater proportion of the company’s growth during the year – about 87% – came from markets it’s been in for awhile. For example, he explained, 34% of all auto loans done in the greater Sacramento area, go through credit unions. Of those, 90% go through CUDL channels. Last year, several billion-dollar, national credit unions such as Digital FCU and United Airlines Employees Employees CU signed up for the CUDL program – Xerox FCU just joined the program too – but even so, most of the company’s growth continues to come from CUs and markets that have been with the program for awhile. Coming off of a strong growth year as 2003 is as great way for CUDL to celebrate its 10-year anniversary. As another sign of the company’s growth, CUDL is planning on moving the end of this month from its current 10,000-square foot space to the 22,000 square-foot space previously occupied by CUNA Mortgage. -