GrooveCar’s expands with four more credit union partnerships
HAUPPAUGE, NY (December 21, 2015) — GrooveCar announces four credit unions have joined the online auto buying service. Credit union members can now research and shop for vehicles while also securing an auto loan from their home, place of business or on the go using GrooveCar’s mobile responsive auto buying platform. “Credit unions realize the incredible value they provide their members with attractive auto loan rates, now they can also help the member find the car of their dreams, through their new online service,” explains Robert O’Hara, Vice President of Strategic Alliances, GrooveCar.
There are well documented reasons members enjoy doing business with their credit unions, many of which start with great loan rates and continue with exceptional member service. Credit unions always have their members’ best interest in mind, which is why partnering with GrooveCar only further illustrates their commitment to their members. Furthermore, it will allow credit unions to capture more loans during a historic time in car buying history. Callahan & Associates reports the total CU auto loan portfolio topped $33.6 billion during the third quarter of 2015, used auto loans have increased by $18.8 billion, and new auto balances have increased $14.8 billion. Overall, auto loan portfolios are up 15% from third quarter 2014. “As auto loan balances continue to rise, credit unions need to differentiate themselves from their competition and unfortunately it can’t be entirely dependent on their low rates. They must find new ways to connect with their car buying members before they get to the dealership, specifically through mobile technology.”
The GrooveCar platform meets the member at the beginning of their auto search and stays with them throughout the process. Consumers’ spend anywhere from one to four months shopping for a vehicle before ever stepping foot inside a dealership. The GrooveCar platform provides all the tools to secure a vehicle from the research phase, to driving it off the lot. As another value added, the program comes with marketing and digital support services to increase engagement with members.
Joining the GrooveCar program are: Torrington Municipal & Teachers FCU, Torrington, CT with 8,441 members and $41 million in assets; United Poles FCU, Perth Amboy, NJ with 2,239 members and $37 million in assets; City FCU, Amarillo, Texas with 2,660 members and $30 million in assets; and V.A. C. Employees FCU, Bath, New York with 3,351 members and $24 million in assets, have all joined the GrooveCar program.
Helping credit unions achieve success is accomplished through a multi-faceted approach. “The program is a full-service car research and shopping website branded to each credit union. GrooveCar supplies all the tools necessary to shop, secure financing and drive away. Every step of the way our team at GrooveCar assists with marketing support to deliver the message to every member about the credit union’s auto buying platform,” explained O’Hara. The “Go Live” process can be accomplished within a week and full technical support is provided throughout.
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.