CHATSWORTH, Calif. (6/6/12)--Autoland Inc. posted positive first quarter earnings with a 16% sales increase over first quarter 2011, said the auto buying credit union service organization. Autoland's lead volume rose 27%, which means it is on track to exceed its second-quarter sales forecast.
Autoland attributed the increase to car buying demand. It also added new credit union partners and expanded service presence to more key locations in California and Oregon, said Jeffry Martin, Autoland Inc. president. The increases help better position Autoland for taking advantage of a projected 13% increase in car sales this year, Martin said.
The company has added 11 new credit union partners during the past seven months and serves more than 200 credit unions nationwide.
"The good news is that credit union membership continues to rise--667,000 for the first three months of 2012-- and with it, more opportunities to finance member automobile purchases," said Martin. "The demand is there on both sides, and we're servicing that demand by getting the vehicles members want while retaining the financing for our credit union partners at a rate of 82%."
Martin noted its partners have seen their loan dollars through Autoland increase this year by an average of 40%.