CHATSWORTH, Calif. (7/29/13)--An increase in direct leads from credit union partners and an improvement in sales led to second quarter profits that were 76% ahead of forecasted earnings through June for Chatsworth, Calif.-based auto buying service Autoland Inc.
Sales productivity for Autoland was up 8.5% and direct loan volume to credit union partners rose 9.4%, year over year.
"The competition from banks and manufacturer finance groups is fierce this year with the return of attractive leasing programs and purchase rates," said Autoland Inc. President Jeffry Martin, adding that "eight out of 10 members we work with end up getting their loan at one of our credit union partners."
Recently the credit union service organization of San Diego-based Mission FCU acquired majority ownership in Autoland, and plans are proceeding to expand the company's service footprint. Seven new partnerships with credit unions based in Oregon and California have been added so far this year.
"In the short term, we'll be increasing our service to additional credit unions in California, Oregon and Washington," Martin said. "We are actively pursuing partnerships in neighboring states and we would like to establish operations in Arizona, within the next year."