Boutelle: 2003 a Good Year for CUDL and Participating Credit Unions

LAS VEGAS – Attendees at Credit Union Direct Lending’s Sixth Annual Auto Lending Symposium came to hear from experts involved with indirect lending on the dealer and credit union sides and to network with one another. They also got to take home a copy of the company’s 2003 annual report which demonstrated 2003 was a good year for CUDL and for the credit unions and dealers involved with the program. 2003 will be remembered for many things by CUDL: * the company began operations in four new states – North Carolina, Florida, Virginia, and Minnesota; * there was a 48% increase in funded loans over 2002; * 245,175 loans were funded through the CUDL system, contributing to over $4.8 billion in CU auto financing; * the CUDL network grew from 232 o 276 credit unions representing 9.6 million members; * in California, Washington and Nevada, the collective network of participation CUDL credit unions continuously ranked as one of the top five auto lenders along with competiting financing platforms that include companies such as Toyota Financial Services, Ford Motor Credit, and GMAC; * dealers participating in the CUDL program increased from 1,731 to 2,352 in 12 states; * CUDL Guaranteed Auto Protection (GAP) had a successful year with 33,964 policies sold, an increase of 215% over 2002. That resulted in $1.4 million in revenues for participating CUs. In addition, said CUDL President/CEO Tony Boutelle during his welcome message to attendees on June 17. CUDL increased its number of credit union shareholders to 57 and raised $10 million in new capital. There are currently 285 credit unions in the CUDL program. They funded $4.8 billion in auto loans through the program in 2003, and as of May 2004 they had funded $2.7 billion. Boutelle said that puts them on track to do $6 billion in auto loans through the CUDL program this year. CUDL also expanded operations in four new states in 2003, and Boutelle said his plan for the company is to eventually have operations in all 50 states. 2003 was also a year of firsts for CUDL including having a coordinated presence at the National Automobile Dealer Association (NADA) trade show. Together with a steering committee made up of 10 credit unions from seven states, CUDL coordinated a credit union event and America’s Credit Union booth during the trade show. More than 115 CU representatives from 48 credit union participated in the event. CUDL’s gross profits for 2003 were $6,461,010; that compares to 2002′s $4,831,157. Its 2003 net income was $712,306; in 2002 it was $362,470. “Even though we continue to invest heavily in expansion and technology, we continue to make money,” said Boutelle. -