Along with rolling out new resources for dealerships, CUDL highlighted last week that its credit union vehicle financing platform closed 2024 with $41.16 billion in funded contracts.

Last year, the company said a growing number of credit unions embraced the technology fueled by artificial intelligence available through CUDL, resulting in faster decisioning and funding.

Credit unions using document process automation (DPA) reduced funding times by up to 50%, helping dealers cut contracts in transit and deliver faster funding.

Additionally, the adoption of CUDL’s AI underwriting tool, Zest.AI, expanded approvals and sped up decisioning, creating a more efficient financing process for dealers.

Entering this year, CUDL said it is continuing its momentum with expanded efficiencies and additional solutions designed to make credit union connections faster and more impactful than ever.

With eContracting by CUDL, dealers can benefit from a paperless, digital experience that streamlines the creation, signing, submission, and electronic storage of vehicle purchase and financing documents. This solution can reduce errors, shorten funding times, and create a better buyer experience.

In addition, CUDL launched the Credit Application Update feature, allowing dealers to revise the financial deal structure details on existing applications, reducing the number of duplicate submissions between dealers and lenders.

“In 2024, we took on initiatives that allowed us to continue our mission to increase efficiencies and facilitate success for dealers and credit unions,” CUDL president and CEO Tony Boutelle said.

“As we move into 2025, we are excited to build on our momentum and make credit union and dealer connections faster and more impactful than ever before with expansions including eContracting, document processing automation, and credit application updates,” Boutelle continued.

Furthermore, CUDL released a free ebook titled, “Five Ways Credit Unions Hold the Key to Dealer Success.”

With analysts predicting vehicle affordability will continue to be a pivotal issue this year, CUDL said the ebook was created to help dealers capitalize on credit union partnerships to help more buyers get into vehicles with flexible financing options and a streamlined financing process.

Key takeaways from the ebook include:

—The power of partnerships. Learn how working with credit unions can offer vehicle dealers competitive advantages, including flexible financing options, potentially lower interest rates, and access to a broad member base.

—Improved customer experience. Gain best practices for integrating credit unions into your lender mix to make it easier for buyers to qualify for loans and secure faster financing.

—Boosting dealer visibility and profitability. Discover how dealers can get more eyes on their vehicles and reach more in-market shoppers to maximize sales and profitability.

—Advanced technology to move more inventory. Explore technology solutions that enhance efficiency, accuracy, and security so dealers can move at the speed of today’s market.

“As concerns over vehicle affordability persist, vehicle dealerships must find new ways to offer flexible financing and better serve their customers. Our ebook offers a blueprint to leverage the advantages of CUDL and its network of credit union lenders to get more buyers into vehicles with more affordable financing options,” said Josh Amaton, vice president of dealer client experience at CUDL.

“This guide is designed to empower dealerships to form valuable partnerships with credit unions that ultimately lead to greater sales, improved customer satisfaction, and long-term customer relationships.”

The ebook is available for download here.