CUDL, MANHEIM’S OVE.com AND GE CAPITAL FLEET SERVICES TO LAUNCH ONLINE DEALER BUYING NEWORK
Las Vegas, NV, February 4, 2012 -- CUDL (www.cudl.com), administrators of the nation’s largest auto lending network for credit unions, has announced a new initiative with Manheim’s OVE.com (Online Vehicle Exchange) and GE Capital Fleet Services.
As a result of the new initiative, CUDL, OVE.com, and GE Capital Fleet Services will cooperate to further expand GE’s remarketing channels, and to offer to CUDL’s dealer network a new online vehicle buying program, slated to be rolled-out the second quarter of 2012.
The new program will provide GE Capital Fleet Services with an upstream remarketing channel for its broad mix of quality vehicles that closely mirrors the in-lane buying experience, including robust bidding activity, as well as incentives for buyers. At the same time, the program will provide CUDL’s extensive dealer network the opportunity to bid in an online environment for selected GE Capital Fleet Services vehicles.
“Teaming with Manheim and GE Capital Fleet Services to offer this online vehicle buying opportunity adds an important component to our lending platform,” said Brent Hollingsworth, national director, strategic alliances at CUDL. “Through this unique program, our dealer partners will have access to premier used car inventory online with this simplified method for buying vehicles.”
CUDL has grown its national auto lending network to include 8,000 dealerships and 990 credit unions, serving more than 28 million members, nationwide, reinforcing the important role credit union and dealer relationships are playing within today’s industry.
“We are excited about extending our relationship to CUDL’s network of dealers who are also Manheim customers,” said Tom Nohstadt, vice president, commercial accounts at Manheim. “Having our mutual dealer customers use our technology allows them to take advantage of the services and value that only Manheim and CUDL can offer, while at the same time delivering to GE Capital Fleet Services the opportunity to augment its nationwide remarketing program with a strategic upstream channel.”
Paul Seger, Vice President of Asset Remarketing for GE Capital Fleet Services, stated: “Expanding our remarketing program to include an upstream channel with intense competitive bidding capabilities, extensive buyer exposure and buyer incentives makes a lot of sense for our diverse portfolio of vehicles. It’s a win both for our customers and for our buyers.”
For more information about CUDL and CUDL’s products and services, attendees can visit the company’s booth, #1469, at the NADA convention.
About Manheim (www.manheim.com)
Manheim is the world‟s leading provider of vehicle remarketing services. Through its 118 worldwide wholesale operating locations, Manheim impacts every stage of a used vehicle‟s life cycle, helping commercial sellers and automobile dealers maximize the full value of their vehicles. Drawing from its auction transaction volume, Manheim Consulting publishes the annual Used Car Market Report, the definitive source of data for the used car industry. Manheim Consulting offers a wide range of services including custom analytics, business optimization and macro economic analysis.
Manheim is the online vehicle remarketing leader, connecting buyers and sellers to the world‟s largest, most comprehensive wholesale marketplace through its extensive in-lane and online offerings. Manheim.com receives nearly 900,000 visits each week.
Additionally, Manheim offers services including reconditioning, certification, inspections, dealer financing, title management and marshaling, among others. Through its wide array of services and technologies, industry publications, customer support and educational offerings, Manheim gives its customers maximum control over how they buy and sell vehicles, helping them to conduct business in the most efficient way possible. In 2011, Manheim handled nearly 8 million used vehicles, facilitating transactions worth more than $50 billion in value.
Headquartered in Atlanta, Manheim is a subsidiary of Cox Enterprises, a leading communications, media and automotive services company.
About GE Capital, Fleet Services
GE Capital, Fleet Services, based in Eden Prairie, Minn., is a global fleet management company with operations in the United States, Canada, Europe, Japan, Australia and New Zealand. Visit the Web site at www.gefleet.com or follow company news via Twitter (@GEFleetSvcs).
Based in Ontario, California, CUDL® (a CU Direct Corporation flagship brand) is the leader in indirect and point-of-purchase lending services for the credit union industry. As a Credit Union-owned Service Organization, CUDL develops custom applications, training and marketing programs to help credit unions achieve their indirect vehicle lending goals.
More than 990 credit unions and 8,500 dealerships nationwide rely on CUDL’s national lending network to better serve members’ vehicle shopping needs and drive member financing at the point-of-purchase. For more information about CUDL visit www.cudl.com and www.cudlautosmart.com.