CENTENNIAL, Colo.-- CU Direct Connect (CUDC) reported it has seen record volumes as of mid-year 2016, exceeding $1 billion in indirect auto funding in the first six months for a year-over-year increase of 67.4%. The company said it is tracking for more than $2.2 billion for the full year. In addition, lease funding volume has also grown 118% year-to-date and shows no signs of slowing down.
The rapid funding growth is driving an even stronger increase in earnings with year-to-date growth of 124% in net income, CU Direct Connect said. Stockholders enjoyed a 25.3% increase in the book value of their unit shares in the first half of the year, which projects out to an increase of 50% in book value for the full year.
Market expansion continues as CUDC said it experienced strong, triple-digit indirect auto funding growth in Arizona, and it added new markets in Washington and in the Tampa, Fla. metro region this year.
In addition, CUDC expanded and extended its facilities lease earlier this year to provide additional office space for its growing staff.
“I am pleased that our credit union service organization (CUSO) continues to show strong, profitable growth for our partners,” said Blair Korschun, CUDC’s president and CEO. “We have a fantastic team of managers and employees, along with highly supportive credit union and dealer members. Together they make our continued growth possible.”
CUDC is seeking a few select new credit union partners to help support its rapid growth in indirect auto funding volume. Interested credit unions may contact Brent Sivertsen, director of CU relations at Bsivertsen@CUDC.org.
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