GrooveCar adds 43 new partners to auto resource
HAUPPAUGE, NY (December 5, 2016) — GrooveCar, the nation’s leading online auto buying program for credit union members, announces 43 credit unions have joined the program since July. Credit unions continue to increase their lending, with new-auto loan balances rising 16% over the last 12 months faster than the 12.7% increase in used-auto loans with total auto loan balances rising 14% since September 2015, as reported by CUNA Mutual Group. The group expects continued strong credit union loan growth in their forecast as auto loans now make up 34% of the credit union’s loan portfolio, the highest since 2007. Getting members into vehicles along with a loan that meets their needs, has been a top priority for new partners looking to compete with banks and captives.
The GrooveCar program provides all the tools to stay relevant with members throughout the buying process. Some members are eager to research vehicles and having a car buying platform allows them to pursue this interest before the need of a vehicle is imminent. Other members need a vehicle right away; the platform suits the habits of all members in their car journey. “This has been a healthy economy for car buying. Credit unions looking to demonstrate to members all the benefits of utilizing the financial services available, often begins with auto financing. The member who becomes satisfied with the auto loan process will also take advantage of other financial products,” states Robert O’Hara, Vice President of Strategic Alliances, GrooveCar.
Credit unions joining the program include: ANECA, LA with assets of $94 million; Arlington Municipal, MA with assets of $10 million; Avestar, WI with assets of $18 million; Best Reward, OH with assets of $154 million; Bridgeport Police, CT with assets of $17 million; Capital, WI with assets of $1.1 billion; City of Firsts Community, IN with assets of $28 million; Co-Op Toledo, OH with assets of $10 million; CODE, OH with assets of $116 million; Commonwealth Utilities Employees, MA with assets of $41 million; Crossroads Financial, IN with assets of $39 million; Deere Employees, IL with assets of $777 million; Doches, TX with assets $40 million; Dubois-Pike Federal, IN with assets of $22 million; Emery, OH with assets of $146 million; F.R.S.A., FL with assets of $5 million; Financial Partners, IN with assets of $23 million; First Connecticut, CT with assets of $38 million; Franklin First, MA with assets of $56 million; Garden State, NJ with assets of $28 million; Genesis Employees, OH with assets of $13 million; IH, OH with assets of $296 million; Local 697 Federal, IN with assets of $34 million; MCU Financial Center, WI with assets of $23 million; Members First, WI with assets of $17 million; Mesquite, TX with assets of $34 million; Metro North, MI with assets of $42 million; MyCom, MA with assets of $17 million; New England Teamsters, MA with assets of $57 million; New Horizon, OH with assets of $14 million; Oneida County, NY with assets of $13 million; Pampa Teachers, TX with assets of $11 million; PCM, WI with assets of $200 million; Pittsburgh Firefighters, PA with assets of $80 million; Public Service, WI with assets of $12 million; SIUE, IL with assets of $17 million; St. Vincent’s Medical Center, CT with assets of $18 million; Standard Register, OH with assets of $40 million; Telco Community, NC with assets of $147; Ukrainian Selfreliance New England, CT with assets of $32 million; Virginia State University, VA with assets of $8 million; Wayne County, IN with assets of $10 million; and Westar, NY with assets of $25 million.
The outlook for car buying remains bright, as credit unions look to increase their competitive edge in 2017. With pent up demand for autos on the rise for 2017, coupled with a strong economy, credit unions will look towards providing these auto buying solutions to members. “The online resource can have the credit union live within a week. All the training and backend set-up is taken care of by GrooveCar, it really is a plug-and-play program,” explains O’Hara. Industry car buying trends find 97% of new car buyers arrive at dealerships having conducted online research that influences their car buying intentions over the course of 4 months. The GrooveCar program establishes the importance of staying relevant with members every step of the way during this process.
GrooveCar’s auto buying resource is a perfect fit for both direct and indirect programs, further customization is available. “We are always looking at new ways to put the credit union in the path of the member’s desire to research and finance a vehicle, while keeping the member in the driver’s seat.”
GrooveCar, a Fusion AF company, has been providing full-service automotive loan growth solutions to credit unions since 1999. GrooveCar focuses on building strong, lasting relationships with credit union partners by ensuring they can capture loan volume without compromising the quality and integrity of their portfolio. GrooveCar’s knowledge of the credit union industry, combined with an expansive dealer network surpassing 4 million vehicles, enhances the ability of credit union partners to secure loans and leases while offering the guidance and knowledge that their members seek.Additional information on GrooveCar can be found at http://www.groovecarinc.com.
About CU Xpress Lease
A lease product specifically designed for the credit union to reap the benefits of leasing while maintaining control of the credit process. CU Xpress Lease and its affiliated companies bring decades of experience in auto remarketing and lease servicing to meet the needs of credit unions and their members. With offices in Bedford, Texas; Lebanon, NJ and Hauppauge, New York, an experienced infrastructure is ready to provide credit unions with an innovative product without the risk.