CENTENNIAL, Colo.--(BUSINESS WIRE)--CU Direct Connect (CUDC) announced that June year-to-date application volume is up +31.6% and funding volume is up +27.5%. CUDC financial results are even better with net income up +88.5% and book value climbed 11.6% year-to-date, which is on pace for a 23.2% full year gain. CUDC collective market share also continues to grow.
A few months ago CUDC expanded into Wyoming and is pleased with the early results. CUDC signed up many dealerships and have many more that have committed to join the CUDC program. The second half of 2014 will bring further expansion into Wyoming as well as other markets helping to drive the overall growth of the program.
“I am thrilled to share our mid-year results as CUDC is poised to continue down this path for the second half of 2014,” said Blair Korschun, CUDC’s President/CEO. “There are also some new initiatives we will be announcing in the coming months, which will position CUDC to close with a very strong 2014.”
Earlier this year CUDC launched a new corporate website that is attracting more consumer traffic and features dealer coupons and an improved online, pre-approval application. The CUDC marketing committee works with partnering credit unions to create value-added programs to drive more auto loans to its businesses.
Risk management, compliance and security continue to be top of mind efforts for CUDC. It recently completed a Division of Finance examiner review with no findings and no required actions. In this area CUDC has invested in new servers, improved back-up equipment and processes, continued aggressive outside penetration testing and have improved its disaster recovery plans.
For more information regarding CUDC member benefits for credit unions and auto dealer partners visit us online at www.CUDirectConnect.com. Consumers interested in an auto loan or joining a local credit union may visit www.GetACreditUnionLoan.com.
About CU Direct Connect
Formed in 2002, CU Direct Connect (CUDC) is a credit union service organization (CUSO) providing state-of-the-art vehicle lending and origination funding platforms utilized by credit union members and auto dealer partners. CUDC enables any size credit union to generate auto loans and acts as a risk consultant to all partners. The organization is based in Colorado and currently serves 35+ credit unions for vehicle lending, which supports the hundreds of auto dealer partners currently enrolled in the CUDC program. CUDC, through its member credit unions, is collectively one of the largest auto lenders in Colorado. For additional information visit www.CUDirectConnect.com | www.GetACreditUnionLoan.com.