CU XPRESS ON RECORD-SETTING AUTO LEASE PACE FOR Q3 AND Q4

FROM:                                                          FOR:
Andrew Edson & Associates, Inc.          CU Xpress Lease, Inc.
89 Bounty Lane                                         200 Motor Parkway – No. B-10
Jericho, NY 11753                                    Hauppauge, NY 11788
Andrew Edson, 516.850.3195               Melissa Jurgensen, 631.454.7500 x 127
Andrew@Edsonpr.com                       mjurgensen@groovecar.com

            HAUPPAUGE, NY, Nov. 1 – CU Xpress Lease, Inc., the nation’s leading credit union lease provider is on a record-setting pace in auto leasing activity with September up 100% on year-over-year numbers from 2009. 

            CU Xpress Lease processed over 1,500 lease applications for the month just ended.  Based on the current trend that would tag October as 150% better than the September figures and double that of the comparable period a year ago.  

            Leasing is up in general, explained CU Xpress Lease Senior Vice President Frank Rinaudo. “In addition, we are witnessing an upsurge in leasing activity as volume increases from credit unions already in our program as well as new entrants.”

With the growth of credit unions in indirect auto financing and the big drop in leasing by captives, 2009 was CU Xpress Lease’s best year ever connecting auto dealers with credit unions. 

            Targeting credit union members, CU Xpress Lease has incentivized participating CU’s to increase their market share, and is very price-competitive on a wider range of autos – from Acura, Chevrolet, Dodge, Ford, Honda, Hyundai, Infiniti, Jeep, Lexus, Mazda, Mini Cooper, Mitsubishi, Nissan, Toyota and Land Rover – than ever before.  This has been helped by the opening of a joint retail center last June at 1818 Pacific Street, Suite 3, Hauppauge.  The 50,000-square-foot state-of-the-art return and retail center accommodates up to 300 vehicles and gives credit union members local proximity to turn in their cars coming off- lease, as well as purchase used or pre-owned vehicles before they go to public auction.

About CU Xpress Lease, Inc.

CU Xpress Lease is a joint venture of privately held GrooveCar and Dallas-based Fusion Auto Finance created in 2006.  Founded in 2000, GrooveCar provides a comprehensive array of automobile and automotive services and products – shopping, buying, financing, leasing, ownership – for credit unions and credit union members, as well as access to motorcycles, recreational vehicles and boats.  Additional information may be found at www.groovecar.com or Twitter/GrooveCar, Inc.

 

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