updated 11/07/12 01:15 PM
Q3 Partner Loans Exceed 2011 Results
Making the most of this year's momentum as members buy cars again, the third quarter was strong for both Autoland and its partners. Autoland increased direct loan dollars by 53 percent. While competing for auto loans is still an uphill battle with automotive finance and insurance (F&I) groups offering your members seemingly attractive finance offers, Autoland continues to succeed in helping its partners win business by offering a value-driven service to members, while educating them about the benefits of credit union financing.
Results have shown that Autoland's expertise benefits credit unions of all membership sizes. Implementing Autoland's Best Practices is a great way for all credit unions to make the most of retaining direct loan dollars that flow through Autoland.
New auto sales are still projected to reach 14.5 million units this year, and new auto loan balances for credit unions continue to grow for the first time since 2007. Dealer groups continue to post increasing profits, both in the vehicle price, and more notably in the F&I office, where members are paying too much for aftermarket products such as GAP or Mechanical Breakdown Protection. In fact, the nation’s largest dealer group recently announced that gains in F&I contributed more than half of their total increase in gross profits (according to Automotive News), up a whopping 20 percent in Q3 for a record quarterly level of $1,290 per car.
Now's a great time to let Autoland help your members save on their next purchase and help your credit union capture more direct loans by providing a better car buying experience to your members.
For more information, contact Joyce King at 800.472.1702, ext. 6017 or joycek@ccul.org, or visit www.autoland.com.
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