Through the partnership, PenFed will enter 10 new states in its quest to offer auto financing in all 50 U.S. states, said Ivan McBride, director of automotive lending for the credit union. “Partnering with CRIF Select will help us expand our market footprint and reach new auto lending levels in 2020 and beyond,” McBride said.
CRIF Select, a subsidiary of CRIF Group, provides indirect lending services to more than 5,000 auto dealers and 130 full-service auto lenders. The company’s lending solution, Select Complete, provides dealer management, underwriting, processing and funding, technology, and consulting services. CRIF Select uses technology and lending services to support clients’ indirect lending programs.
Partnering with CRIF allows PenFed to grow its indirect lending program and enter new markets without having to hire additional staff, Dave Bazeley, CRIF Select regional sales manager, told Auto Finance News.
PenFed, with locations throughout the U.S., Puerto Rico, Guam and in Okinawa, Japan, has $3.5 billion in auto outstandings, according to the Big Wheels Auto Finance Data report.
Auto Finance Summit, the premier industry event, returns October 20-22, 2020, as a virtual experience. The virtual experience will offer the quality networking and education of past events, all through an online platform. To learn more about the 2020 event and register, visit www.AutoFinanceSummit.com.