Press Release (ePRNews.com) - HAUPPAUGE, N.Y. - Apr 20, 2017 - GrooveCar, the nation’s leading online auto buying resource for credit unions, announces 20 credit union partners have joined the program in Q1 2017. As credit union membership continues to grow, one of the most important products a credit union can provide its members is a car buying resource. Credit union members begin the car buying journey online as 97% of buyers spend up to four months researching and shopping for a vehicle before heading to a dealership. The GrooveCar platform provides an inventory of 5 million vehicles, customized pricing, research & compare tools, build-a-vehicle options, re-finance calculator, rebates and incentives and much more for members to utilize. “We are thrilled to be able to provide a new level of service to our credit unions partners. The online auto resource is specific to the credit union and their members, regardless of the credit union’s asset size. The platform delivers a customized buying experience to meet the member’s changing needs, while keeping the credit union visible throughout the process,” explains Robert O’Hara, Vice President of Strategic Alliances, GrooveCar Inc.
Credit unions realized a robust growth in auto loan portfolios in 2016. Memberships have increased and auto buying reached historic levels in the U.S. The demand continues to provide auto research, finance and buying options right from the palm of the member’s hand. “This is a powerful tool for credit unions to provide members as the digital experience continues to expand in every direction. With a mobile first design, the GrooveCar resource is the perfect complement to any auto loan growth strategy. Our newest partners agree,” states O’Hara.
The new partners are: AFGM Enterprises FCU, NY, with assets of $11 million serving 1,348 members; ATL FCU, MI, with assets of $12 million, serving 1,838 members; Beaumont Community CU, TX, with assets of $28 million, serving 4,046 members; Chicago Post Office Employees CU, IL, with assets of $19 million, serving 4,542 members; Cloverbelt CU, WI, with assets of $176 million, serving 17,148 members; Community CU of New Milford Inc. CU, CT, with assets of $10 million, serving 1,950 members; Consumers Professional CU, MI, with assets of $73 million, serving 6,008 members; DuGood FCU, TX, with assets of $274 million, serving 30,107 members; Eagle One FCU, DE, with assets of $62 million, serving 9,802 members; First Pace CU, MN, with assets of $8 million, serving 1,150 members; FOCUS CU, WI, with assets of $42 million, serving 7,099 members; Generations CU, IL, with assets of $16 million, serving 2,000 members; Gerber FCU, MI, with assets of $135 million, serving 13,262 members; Gowanda Area FCU, NY, with assets of $18 million, serving 2,217 members; GR Consumers CU, MI, with assets of $40 million, serving 3,643 members; Guthrie FCU, PA, with assets of $69 million, serving 7,246 members; Members Trust FCU, OH, with assets of $24 million, serving 4,398 members; SECNY FCU, NY, with assets of $173 million, serving 15,734 members; Tinker FCU, OK with assets of $3.5 billion, serving 341,520 members* and Wellspring CU, TX, with assets of $44 million, serving 6,157 members.
The GrooveCar platform provides members with a host of options to satisfy the savviest of car shoppers, while allowing the credit union to be present throughout, with lead generation tools. The ability for the credit union to receive leads directly from the website as the member saves a search session, calculates a payment on several of the payment calculators or is provided an incentive, the credit union will be alerted. There is no better way to service the member’s needs as they make one of their largest purchases. With cross selling features for other financial products built into the platform, credit unions can benefit and help members at all stages of their buying journey.
*Tinker FCU headquartered in Oklahoma City, is the largest credit union in the state. The credit union has been in existence for 70 years, opening its doors in 1946 to a small group of Tinker Field civilian employees. Today, the credit union has grown into 30 full-service locations serving over 300,000 members from Tinker Air Force Base, Vance Air Force Base and the employees of over 700 area companies.
Founded in 1999, GrooveCar provides automotive loan growth solutions to credit unions nationwide while providing their members, as well as the general public, with the most informative and user-friendly auto search engine. With its expansive dealership network surpassing five million vehicles, GrooveCar facilitates the entire car buying process, including shopping, researching, buying, leasing, and financing. Through the national auto-leasing program CU Xpress Lease, credit unions can take advantage of leasing opportunities in the new and pre-owned vehicle market. CU Xpress is the leading credit union lease program in the nation. Additional information on GrooveCar or CU Xpress Lease may be found at http://www.groovecarinc.com.
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