CHATSWORTH, Calif. (5/14/13)--Autoland Inc. reported a 17% year-over-year increase in first quarter sales with credit union members continuing to take advantage of available credit to replace aging vehicles, the Chatsworth, Calif.-based auto buying service said.
As a result of the sustained purchase behavior, Autoland's first quarter profitability increased 29% over the same period last year.
Direct loan volume to credit union partners also improved by 21%, with the credit union service organization's auto loan retention rate increasing to a combined 85%.
"As more partners recognize the value in having our service operate as an extension of their lending department, we're able to service more of their members and retain the financing at a greater rate for the credit union." said Jeffry Martin, Autoland president.
Autoland continues to expand its partner base, Martin said. "We'll remain focused on expanding our service to markets in California, Washington and Oregon, but interest in Autoland from credit unions in other states remains high," Martin said. "We'll look to grow our service footprint into new territories as we determine it feasible to do so."