Partnership between the country’s largest auto lending network and the first cloud-native automotive retail SaaS platform offers credit unions new indirect lending options.
Origence, the leading lending technology solutions provider for credit unions, announced a partnership with Tekion, a next-generation, cloud-based automotive retail solutions provider. The partnership integrates CUDL, the nation’s largest automotive lending network and an Origence brand, with Tekion technology and positions both organizations to streamline the automotive online shopping and financing experience while providing credit unions with new indirect lending opportunities.
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“The car buying experience has forever changed. Our mission at Origence is to help credit unions stay ahead of the digital curve,” said Brian Hendricks, chief product officer at Origence. “By partnering with Tekion, we will provide new online indirect lending opportunities for credit unions – along with tools and solutions that create incremental F&I efficiencies for dealerships.”
As the partnership between the two companies rolls out in the coming months, dealerships will gain access to CUDL indirect lending via the Tekion network, along with the over 59 million members that CUDL credit unions represent. This integration will also make it possible for shoppers to select their preferred credit union during the financing process.
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“As Tekion continues to work with dealers, manufacturers, and lenders to deliver end-to-end omni-channel retail experiences to auto buyers, we are excited to partner with Origence to create a plug-and-play offering for credit unions,” said Amit Maheshwari, senior vice president of business development at Tekion. “This offering will allow credit unions to quickly and economically benefit from digital origination opportunities enabled by our Automotive Enterprise Cloud and Automotive Retail Cloud solutions while providing more lending choices to millions of buyers and thousands of dealers.”
Tekion’s flagship product, Automotive Retail Cloud (ARC), is the first and fastest cloud-native platform, including all functionalities of a DMS and accompanying tech stack to run a seamless retail business. ARC modernizes the end-to-end automotive retail journey, improves consumer experiences, and brings the highest efficiencies to retailers by connecting consumers, dealers, and OEMs better than ever before through their cutting-edge platform. The company concluded a strong 2022 with agreements with Acura and General Motors.
Origence is also coming off a record-breaking year, with total overall loan funding of $79 billion in 2022, fueled by record direct and indirect loan origination performance. The company’s credit application platform – CUDL and arc OS loan origination system helped auto dealers and credit unions fund a record 1.7 million auto loans totaling over $59 billion in 2022. In aggregate, Origence’s credit union clients have funded more loans than any single lender for six straight quarters.
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