CU Direct Launches New Generation AutoSMART Platform For Credit Unions and Their Members

AutoSMART
Advancements to the CU Industry’s Largest Online Vehicle Marketplace Increases Member Engagement, Loyalty and Auto Loans

Washington, DC. | February 27, 2017

CU Direct, the nation’s leading lending technology and automotive solutions provider for credit unions, announced the launch of its highly anticipated next generation AutoSMART platform today at CUNA’s Governmental Affairs Conference.
 
AutoSMART’s newly updated platform helps credit unions stay better connected to members through the entire auto shopping and buying process to capture more loan opportunities and build member loyalty.
 
The new AutoSMART has been developed specifically with a focus to the future. The innovative platform provides a strong foundation to add functionality that is already scoped and ready to build, further positioning AutoSMART as an industry force long term.  The company’s mission for AutoSMART is to provide credit unions with the ability to differentiate themselves in a crowded marketplace, while offering members a robust shopping and research experience, and helping dealers gain access to high-value opportunities. 
 
The nation’s largest auto shopping platform for credit unions, AutoSMART has a host of new features to dramatically transform members’ experience and engagement with credit unions. The platform’s fresh new user interface offers greater simplicity, including:

  • Research, build and search from millions of new and used vehicles
  • Dedicated Auto Advisors to provide high-touch member support via phone and online chat
  • Access to dealership ratings and reviews
  • Credit union branded member purchasing certificate to simplify purchase at dealership

AutoSMART provides members with access to more than 13,000 auto dealers, providing the resources needed for them to make an informed buying decision. With more than two million new and used vehicles nationwide to choose from, AutoSMART simplifies the member experience by keeping them connected with their credit union and dealers from pre-approval to funding.
 
Credit unions face an increasingly more competitive landscape for the acquisition of auto loans.  Credit unions captured 22% of all auto loan originations in 2016 and continue to increase their market share, with auto loans comprising 34% of their total portfolio.  Competitively, leasing and other finance segments threaten to capture market share.  Credit unions need a vehicle research, shopping and buying program that successfully promotes their brand, helps retain member financing, enhances the value of membership, builds and protects auto loan volume, and helps cultivate strong partnerships with local dealerships.

“The auto lending marketplace has become highly competitive and with that, innovation is the key to ensuring members receive the kind of services they want when they want it,” explained Ron Frey, CSO of CU Direct. “If credit unions can effectively use technology such as AutoSMART to provide their members with convenience, then they can grow their efforts to be the go-to source for auto loans. It is our goal to supply the tools that help credit unions and auto dealers find new growth opportunities, while improving the member experience.”