GrooveCar Automotive Resource reports growth
HAUPPAUGE, NY (October 23, 2015) — GrooveCar announces 4 credit unions have partnered with the online auto-buying resource. Joining the auto research and loan aggregator program is: Lowell Firefighters, Lowell, MA; National JACL, Salt Lake City; Atlantic Health Employees, Summit, NJ; and San Antonio Citizens, San Antonio, FL. “GrooveCar is strongly positioned to let credit unions reach their members that are interested in purchasing their next vehicle. The program works on many levels to match the car buying interests of the member with the essential tools to make a new car purchase happen. It is essential for credit union members to think of their credit union first as a source of an auto loan. The GrooveCar program accomplishes this by engaging these members throughout the process, from beginning to end,” states Robert O’Hara, VP Strategic Alliances, GrooveCar.
In the highly competitive marketplace for auto loans and leasing products, credit unions are looking for ways to bring auto-buying tools to their member base. “The GrooveCar program provides our members with the tools necessary to purchase a vehicle. Being able to take advantage of this growth market with guidance and support was the key to moving forward,” explained Dean Hirabayashi, President/CEO, National JACL Credit Union, Salt Lake City. Connecting with members intelligently and timely is critical to cross-selling additional products and services. With consumer confidence in the U.S. rising, the time for borrowing for big ticket items, such as a new vehicle, is expected to hit an all-time high. Auto loan debt has reached beyond the $1 trillion mark for the first time in U.S. history, as reported by The Wall Street Journal. The aging fleet of vehicles on the road, along with a pent-up demand and greater access to loans, has credit unions looking to service member needs.
The GrooveCar auto buying resource encompasses all things automotive from researching the vehicle to finalizing the deal. “The average consumer will take approximately four months before making their purchase. During that time, they will spend 14 hours researching and comparing vehicles. GrooveCar provides vital consumer information related to auto-buying and leasing, which is appealing to the member and brings the member and credit union relationship to a new level,” explained O’Hara. The comprehensive resource touts everything consumers expect to have access to: A virtual test driving component, auto research portal, comparison tools, build out features, car values and history reports – all branded to the credit union client and cross promoting the other related products offered.
The process to go “live” with GrooveCar is very seamless. Coupled with online and phone support, as well as a comprehensive training session, the process can take place under an hour. GrooveCar provides all of the necessary tools for a credit union to succeed in promoting the product including customized marketing materials, regular marketing consultations and branding resources. Clients comment frequently on how a simple a process it is to partner with GrooveCar. Favorable feedback is repeatedly centered on the live technical support and minimal resources required to get started.
Lowell Firefighters Federal Credit Union, Lowell, Mass., has been serving Lowell Firefighter pensioners since 1936. With one branch location, the credit union has $17 million in assets serving 1,706 members. National JACL Credit Union, Salt Lake City, has been serving Japanese American citizens since 1943. With 2 branch locations, the credit union has assets of $29 million serving 3,919 members. Atlantic Health Employees Federal Credit Union, Summit, N.J., has been serving Overlook Hospital employees since 1974, expanding to service groups associated with the hospital. With 2 branch locations, the credit union has assets of $19 million serving 4,113 members. San Antonio Citizens Federal Credit Union, has been serving Florida counties of East Pasco and East Hernando since 1955. With expansion to 3 locations, the credit union has assets of $168 million serving 13,138 members.
About GrooveCar
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.
