DENVER — While Auto Advisors and Advantage Auto Finders are both growing their business with credit unions, there are other options available to CUs. Many individual CUs run their own auto advisory service with their own staff. Some hire consultants to fill the need.
Automotive Avenues, (www.autoaves.com) a division of Aimbridge Lending Solutions, is a Colorado Dealership that works with 50 credit unions in the Centennial State. To date, Automotive Avenues has provided an all-inclusive auto buying option to more than 60,000 credit union members, said the company. Aimbridge Auto Services (www.aimbridge.com) recently partnered with Colorado State Employees Credit Union (CSECU) here to provide members with its own alternative to a traditional car dealership. Automotive Avenues offers an all-inclusive new and used car buying service as well as a service and parts facility and on-site financing and leasing.
CSECU continues to increase its lending through persistence in marketing and enhanced member services, said Schneider, despite decreasing loan volume in most of Colorado. The $1.7 billion CSECU has a vehicle portfolio of $336 million, nearly half of its entire lending volume.
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Aimbridge is also a provider of other services, such as AimbridgeConnect, which does complete front-end lending with direct, indirect and Web-based solutions based on its workflow management platform. AimbridgeConnect was debuted at the Florida Credit Union League Conference in Orlando in June.
Aimbridge currently serves more than 500 credit unions throughout the country and Aim-bridgeConnect's new ability to access multiple products through any channel will give credit unions a strong competitive advantage, said the company.
AimbridgeConnect's new direct lending products, which include auto loans, lines of credit, home equity loans, home equity lines of credit, credit cards, boat loans, motorcycle loans, RV loans, signature loans, and pledge loans, give Aimbridge the ability to capture Internet applications that are submitted through credit union Web sites or credit unions can send them to Aimbridge directly. The company then delivers decisions based on scorecards uniquely created by each of the credit unions.
Users visit the AimbridgeConnect Web site where they can manage their direct, indirect and Web-based loan volume. All options are customizable, which allow credit unions to use AimbridgeConnect in the way that best suits them.
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