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News & Events
BATON ROUGE, La. – June 24, 2009
Credit Union Acceptance Company Joins Wolters Kluwer Financial Services’ AppOne Platform
BATON ROUGE, La. – June 24, 2009 –
Wolters Kluwer Financial Services announced today that Credit Union Acceptance
Company (CUAC), a credit union service organization that represents 130 credit unions
in the indirect auto finance market, has joined its AppOne credit union platform.
AppOne provides risk mitigation, compliance and Internet-based workflow automation
technology to auto dealers and auto lenders. Using the AppOne platform, CUAC can
enable participating credit unions to originate auto loans from AppOne’s network
of auto dealers while helping to minimize risk, comply with applicable law, and
reduce overall lender operational costs.
In April, the number of independent auto dealerships rose for the first time since
2006, according to CNW Marketing Research. The firm attributes the increase to growing
strength in the used car market and layoffs at franchised dealerships. Independent
dealers are focused on maintaining positive relationships with lenders as they continue
to look for ways to build their business.
“Sometimes there is a misconception that independent auto dealers are only looking
for subprime lenders,” said Lee Domingue, CEO of Indirect Lending at Wolters Kluwer
Financial Services. “But many prime customers are buying used vehicles, particularly
in the current marketplace. Working with CUAC, we help our dealer customers connect
with more credit union lending sources.”
“Not only does AppOne help CUAC’s participating credit unions build a new growth
channel with independent dealers, but it also helps mitigate the compliance and
operational risks credit unions face every day,” said Kurt Howard, Executive Vice
President at CUAC. “AppOne’s platform simplifies the auto lending process from start
to finish, which ultimately benefits our credit unions’ business.”
About Wolters Kluwer Financial Services
Wolters
Kluwer Financial Services provides best-in-class compliance, content, and
technology solutions and services that help financial organizations manage risk
and improve efficiency and effectiveness across their enterprise. The organization’s
prominent brands include Bankers Systems, VMP® Mortgage Solutions, PCi, AppOne®,
GainsKeeper®, Capital Changes, NILS, AuthenticWeb™ and Uniform Forms™. Wolters Kluwer
Financial Services is part of Wolters Kluwer, a leading global information services and
publishing company with annual revenues of (2008) €3.4 billion ($4.9 billion) and
approximately 20,000 employees worldwide. Please visit our Web site for more
information.
About Credit Union Acceptance Company
Founded in 1998, Credit Union Acceptance Company, LLC (CUAC), is a Credit Union
Service Organization headquartered in Houston, TX. CUAC was formed to assist credit
unions with member auto loan retention and new member loan acquisitions. CUAC currently
facilitates Indirect Auto Lending services in 10 states with 130 credit unions.
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