Origence continues record-setting pace with credit unions & auto financing
Origence is on quite a record-setting streak.
After establishing new marks in 2021 and during the first quarter of this year, the CU Direct brand announced last week that it had delivered a record amount in credit union auto financing through its platforms during the second quarter.
According to a news release, credit unions funded a record 1.3 million contracts through the Origence Consumer LOS and CUDL lending platforms during the second quarter. That figure represented a 23% year-over-year increase, generating $39.5 billion in credit union paper.
Credit unions using the CUDL Network funded 610,819 contracts through the first five months of 2022, and remain the largest auto finance provider in the nation as an aggregate, experiencing 20.8% growth through May, according to data from AutoCount.
The software provider also highlighted credit unions on the CUDL Network are outpacing the origination growth of the remaining top 10 finance companies noted by data from AutoCount, and are the only finance provider experiencing double-digit growth year-to-date.
The CUDL Network includes 16,000 auto dealers nationwide.
Through the second quarter, 1,132 credit unions, serving 64 million members nationwide, utilized Origence’s technology solutions, including its CUDL and Consumer LOS platforms, Origence Lending Services, Origence marketing automation platform, and AutoSMART auto shopping program.
Origence reported that used vehicles comprise 76% of all cars financed through the CUDL system year to date, with the remaining 24% being new models.
“Credit unions continue to demonstrate their ability to gain market share in the auto lending marketplace,” Origence president and chief executive officer Tony Boutelle said. “Our foremost focus is delivering innovative lending technology that helps our credit union partners make more loans, create a better member experience, and gain a competitive marketplace edge.”