Vero, LLC and Allied Solutions Partner to Develop Innovative Solutions for Credit Unions and Auto Dealers
Allied acquires 30% ownership of Vero.
Ontario, California | July 19, 2017
Vero, LLC, a subsidiary of CU Direct, and Allied Solutions today announced a new strategic partnership for the delivery of innovative solutions to both the credit union and auto dealer markets.
As a result of the partnership, Allied Solutions, a leading provider of insurance, lending and risk management solutions to financial institutions, is acquiring 30% ownership in Vero a marketer and distributor of products for the credit union and auto dealer markets. Vero’s core products include identity theft recovery solutions for credit unions and their members, as well as prepaid maintenance, Mechanical Breakdown Protection (MBP), Guaranteed Auto Protection (GAP) and after-market products for dealers.
The two companies will also collaborate on the development of dynamic lending solutions that will help credit unions not only remain competitive, but to further improve their lending processes and member experience, and drive more loans.
Leveraging both companies expertise in the lending marketplace, the joint venture creates a greater value proposition for credit unions and dealers. The companies are currently packaging several automotive related products together into a simpler, more comprehensive solution for credit unions.
The synergistic partnership between the two organizations creates a strong foundation for future product development. “Collaborating with a recognized industry force like Allied Solutions, we have a tenured distribution network in the credit union space to partner with, as we bring Vero’s innovative products and systems to market,” notes Joe Annoreno, CEO of Vero, LLC. “Our mutual goal is putting the member first, as member experience and protection is at the core of our product development.”
“We are excited about this new partnership with Vero and how we can broaden the value proposition we provide our mutual clients and prospects. We plan to leverage the strength of all three entities to deliver industry leading solutions and results to the credit union market,” said Pete Hilger, president and CEO of Allied Solutions.
“CU Direct is committed to assisting credit unions improve their lending processes and member experience through innovative technologies,” said Tony Boutelle, president and CEO of CU Direct. “Partnering with Allied Solutions will advance efforts in bringing best in class solutions to credit unions.”
About Allied Solutions
Allied Solutions provides insurance, lending and risk management solutions to more than 4,000 financial institutions in North America. Dedicated to helping their clients grow, protect and evolve their business for more than 35 years. Allied delivers solutions that are rooted in proven expertise and customized to support each clients’ objectives. Allied Solutions is a wholly owned and independently operated subsidiary of Securian Financial Group. For more information you can visit www.alliedsolutions.net
Vero is a company of CU Direct, offering exclusive vehicle aftermarket and identity recovery products. Vero products create opportunities for credit unions, dealers, and alternative markets to serve their members and customers, and to generate additional revenue. For more information, visit www.veroproducts.com
About CU Direct
For more than twenty years, CU Direct has been a lending technology leader, helping credit unions fund $211 billion in loans. More than 1,100 credit unions rely on CU Direct’s solutions to generate loans, create efficiencies, and grow membership. From CUDL, the industry’s number one auto lending platform, to the industry’s revolutionary Lending 360 Loan Origination System, and Lending Insights dynamic analytic tools, CU Direct develops the technology that helps credit unions advance their lending programs and overall portfolio success. 14,000 auto dealers nationwide use CU Direct’s automotive solutions to connect with credit unions and their members to drive sales and increase their bottom lines. For more information, visit www.cudirect.com. Connect with CU Direct on Twitter and LinkedIn.