More members using financing to replace their aging vehicles led to a 17% increase in first quarter sales for auto buying CUSO Autoland Inc.
The Chatsworth, Calif.-based CUSO said its first quarter profitability increased 29% over the same period last year.
Direct loan volume to credit union partners also improved by 21% with the CUSO's auto loan retention rate increasing to a combined 85%, according to Autoland.
With credit union members continuing to take advantage of available credit to replace aging vehicles, Autoland said its first quarter sales productivity demonstrated a year-over-year increase of 17%.
“Our success as a strategic partner that drives direct auto loans, is due to the majority of our credit unions implementing Autoland's best practices in the last year,” said Jeffry Martin, president of Autoland.
While the CUSO will remain focused on expanding its service to markets in California, Washington and Oregon, interest in Autoland from credit unions in other states remains high, Martin said.
“We'll look to grow our service footprint into new territories as we determine it feasible to do so,” he said.
Autoland said it serves more than 200 credit unions nationwide representing more than 8 million members.
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