Origence highlights double-digit origination growth by credit unions
Origence — a CU Direct brand that provides technology to enhances the origination experience to increase volume, create efficiencies and grow accounts — is reporting continued growth and market strength of credit unions using its CUDL auto lending network to originate indirect financing.
According to a news release, credit unions through the third quarter of 2021 have funded 1.6 million deals through the CUDL auto lending network, generating $42.6 billion in contracts and representing an increase of 14.3% year-over-year.
Origence highlighted that applications also rose in the third quarter, as 5.8 million applications were submitted through the CUDL system, an increase of 4.6% year-over-year.
Further reflecting their growing marketplace strength, Origence credit unions have increased auto financing volume 100.8% since 2013.
Origence reports that used vehicles comprise 74% of all cars financed through the CUDL system year-to-date, with the remaining 26% being new vehicles.
“Credit unions continue to demonstrate their ability to win in the auto lending marketplace,” said Tony Boutelle, president and chief executive officer 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 went to mention that more than 1,120 credit unions, serving 52 million members, are utilizing the company’s network of financing technology.
Origence also noted that its 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, according to Origence.
For more information, visit www.origence.com.