CHATSWORTH, Calif. (3/7/13)--Buoyed by increased business referral volume from an expanded partner base and sustained car-buying demand, Autoland Inc. posted a year-over-year net profit increase of 174% in 2012.
The credit union service organization also raised its auto loan to vehicle sale retention rate to a combined 82%, driving $93.2 million in auto loans to its credit union partners.
"Auto loan portfolio growth remains a priority for our partners this year, particularly in the new vehicle finance market," said Jeffry Martin, Autoland Inc. president. "With sustained car buying demand, the competition for member loans and aftermarket product sales will be fierce. Autoland's expertise in retaining this business will be essential to the success of our partners reaching their 2013 loan goals."
The company exceeded its sales forecast, added significant credit union partnerships, expanded in-house office locations and retained direct loans for its partners at a record pace, Martin said. "Year-to-date, we've already added three new credit union relationships and with light-vehicle sales projected to rise by one million units this year, we're positioned to service an even greater number of members in 2013," he added.