ATLANTA–CRIF Select, a division of CRIF Lending Solutions and a provider of indirect lending solutions, said has helped credit unions increase originations by an average of 28% over the past three years through superior technology and services.
One major benefit that is responsible for this CRIF Select client growth is the connectivity with portals such as Dealertrack and RouteOne, the company said. “They have become vital to any indirect lending program’s success. Dealers need to know that the lender cares about their preferences rather than its own. CRIF Select has a proprietary application portal that can be used, but credit unions with successful indirect lending programs have seen the majority of their portal applications come through major portals such as Dealertrack and RouteOne,” the company said in a statement.
“We are committed to partnering with industry leaders, such as CRIF Select, to help dealers and credit unions transform their businesses and increase their indirect automotive lending opportunities,” said Mark O’Neil, chief executive officer, Cox Automotive Software Group. “Working with CRIF Select, Dealertrack provides credit unions with technology solutions to maximize their efficiency by receiving real-time credit application data from dealers, responding to decisions quickly and ultimately getting credit union members into the cars of their choice.”
Cox Automotive acquired Dealertrack in late 2015.
CRIF Select said it specializes in indirect auto lending partner programs. Its integrated, technology-based solutions make loan approvals faster, more accurate and virtually paperless, delivering lower costs for institutions and better service for their customers and members. With state-of-the-art technology, experienced call center support and loan processing services, Select offers user-friendly, value-added solutions for every phase of the indirect auto lending process.
“Many credit unions’ growth strategies have indirect auto lending in the forefront mostly because they can now compete with captive or national lenders when it comes to low rates, aggressive programs, state-of-the-art technology, and auto industry partnerships,” said Jeremy Engbrecht, President of CRIF Select. “One of the biggest ways these lenders are competing at such high levels is because they now have an increased presence at dealerships’ point of sale. This is an absolute must to ensure dealerships have the best chance of capturing financing for your member or prospective member.”