LAS VEGAS-Tony Boutelle, president and CEO of Credit Union Direct Lending (CUDL), noted the indirect lending company set records in 2009 in both number of dealers added to its platform, and the number of dealers it lost.
"This is because so many dealers went out of business this year," he said.
CUDL's rolls stand at 725 participating credit unions and 9,000 dealers. Boutelle said 2009 will be profitable, and the company will pay a dividend to its shareholders. Through Sept. 30, CUDL was ranked the No. 3 auto lender in the U.S.
"Adaptability to change is important," he said. "We were funding $1 billion per month in loans this year, although that has slowed down lately. In 2010, auto sales will be up 10%, so we expect credit union auto lending will trend up."
