CU Direct said it has rolled out the next generation of its online auto shopping platform.
The revamped CUDL AutoSMART features more than 1.5 million vehicles in dealer inventory and provides a streamlined user experience that conveys the feeling of walking through a car lot, the Ontario, Calif.-based lending, automotive and strategic services CUSO said.
Members can shop across multiple devices, including smartphones and tablets, and apply for auto loans.A soft touch log-in also enables members to save search results.
Currently more than 1,000 credit unions are using AutoSMART, according to the company.
CU Direct said the next generation of AutoSMART can help credit unions that are facing an increasingly competitive landscape for the acquisition of auto loans.
In the first quarter, credit unions captured 23% of all auto loan originations and continued to increase their market share, with auto loans comprising 31% of their total portfolio, according to CU Direct. Leasing and other finance segments remain competitive threats, the CUSO noted.
Earlier this year, CU Direct created the North American Automotive Marketing Council to help credit unions from across the U.S. and Canada identify opportunities to expand market presence and increase auto lending,
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