ONTARIO, Calif. -

CU Direct has reached a new milestone in auto loans, helping credit unions fund more than $16.1 billion in loans at the halfway point of the year.

A provider of technology and automotive solutions for the credit union industry, CU Direct has helped its more than 1,000 credit union partners increase funded installment contracts by 24.5 percent year-over-year. 

Officials highlighted credit unions funded a record 529,000 contracts through CU Direct’s Lending 360 and CUDL platforms in the first half of 2016, a 16.4-percent increase above the mid-point of last year. As a result, CU Direct calculated that its credit union partners, as an aggregate, are the nation’s third-largest auto financer, experiencing higher loan origination growth than any auto lender ranked among the nation's top ten. 

CU Direct insisted credit unions experienced greater loan growth than Wells Fargo Dealer Services and Ally Financial, according to AutoCount.

The growth reflects credit unions' continued appetite in auto financing, growing market share from 19.7 percent year-end 2014 to 21 percent in June of 2016.

“CU Direct is excited to help our partner credit unions increase auto lending scale and efficiency, improving overall market share and creating a better member experience,” CU Direct president and chief executive officer Tony Boutelle said. 

“We are committed to delivering innovative technology, products and services that help credit unions make more loans and improve their members’ auto buying and auto lending experiences today and in the future,” Boutelle continued.