ONTARIO, Calif., Nov. 29, 2016 /PRNewswire/ -- CU Direct, the nation's leading lending technology and automotive solutions provider for credit unions, has helped its credit union partners collectively become the second largest auto financing source in the nation, surpassing Ally Bank. In aggregate, the more than 1,000 credit unions using CU Direct's CUDL Lending Platform have been the nation's third largest financing source the previous two years.
"Our goal has always been to help our partner credit unions and auto dealers create efficiencies and grow their overall market share," explained Tony Boutelle, president and CEO of CU Direct. "We are proud to provide solutions that achieve these objectives for our credit unions, as illustrated by this most recent data. CU Direct remains dedicated to developing and improving technology solutions that drive our credit unions' lending business and enable auto dealers to grow their bottom lines and cultivate customers for life. We could not be more excited for everyone who has contributed to this success." Consumers are turning more toward credit unions as a trusted source of auto loan financing. Today, auto lending makes up one third of credit unions' total loan portfolio, and has the fastest rate of growth among all credit union portfolio segments, including first time mortgages, according to CU Direct data. Credit unions as a whole continue to be a major force in the auto lending space, holding 22% of market share, according to AutoCount.