IRVINE, Calif.–– Origence, a provider of lending technology solutions, is reporting continued growth among credit unions using its CUDL auto lending network to originate indirect loans.
According to the company, lenders have funded 1.6 million loans through the CUDL auto lending network, generating $42.6 billion in credit union auto loans, an increase of 14.3% YoY through the third quarter of 2021.
Applications also rose in the third quarter, as 5.8 million loan applications were submitted through the CUDL system, an increase of 4.6% YoY, Origence added. Overall, describing is as a reflection of its growing marketplace strength, Origence said credit unions using its solutions have increased auto loans 100.8% since 2013.
Meanwhile, Origence is also reporting that used vehicles comprise 74% of all cars financed through the CUDL system YTD, with the remaining 26% being new vehicles.
Demonstrating ‘Ability to Win’
“Credit unions continue to demonstrate their ability to win in the auto lending marketplace,” said Tony Boutelle, president and CEO of Origence. “We remain focused on delivering innovative lending technology that helps our credit union partners make more loans and create a better member experience.”
Origence said its credit union partners, in aggregate, have been the nation’s largest auto lender overall since 2017, and have experienced 16.3% loan growth YoY. More than 1,120 credit unions serving 52 million members are utilizing the company’s network of lending technology, including its lending platforms and online auto shopping tools, Origence stated.
Origence, a brand of CUDirect, also noted that their CUDL AutoSMART auto shopping program has grown to include 940 credit union branded digital storefronts in the third quarter, connecting 14,000 dealers and 1.5 million vehicles to millions of credit union members. The program had a 40% increase in lead generation activity for dealers between year-end 2019 and year-end 2020, Origence said.