HAUPPAUGE, N.Y. - Feb. 27, 2017 - PRLog -- GrooveCar, the nation's leading online auto buying resource for credit unions, expands partnership opportunities with credit unions looking to realize growth potential through direct and indirect auto lending, auto leasing and building out preferred dealer networks. "With auto buying reaching historic levels in the U.S., all credit unions should have an auto buying resource. A credit union without a means to provide members what they are looking for: The ability to research, shop and purchase a vehicle from their website – is missing out on an enormous opportunity," said Robert O'Hara, VP of Strategic Alliances.
Credit unions in 2016 witnessed growth in memberships and loan balances, as reported in CUNA Mutual Group's January 2017 Trends Report. Memberships for credit unions were up 4.2% during the past year, loan balances rose more than 10.8% and auto loans remained the credit unions' "bread and butter," outpacing mortgage and business loan growth, CUNA reports. The demand can be traced to the expanding driving-aged population, solid job growth, the availability of low interest rates and the popularity of credit unions with the public. "There is little more evidence needed to recognize the potential credit unions have to build off their members' goodwill and growing appetite for transportation. Every credit union we partner with has unique needs and the customized buying platform addresses their goals on every level," states O'Hara.
In 2016, the internet was the number one source of information for vehicle buyers with more time being spent online researching than ever before. While the numbers speak for themselves, establishing an online auto presence may seem daunting at first. The GrooveCar program serves credit unions ranging in size from $5 million to over $5 billion. The online platform is easily compatible with a credit union's website and comes with full technical support, co-branded marketing collateral, staff education and training materials. The fully automated program allows credit unions the ability to tap into online commerce taking place with support and guidance built in, with little effort. This also boosts exposure of other financial products and services available from the credit union.
Another popular partnership from GrooveCar is leasing through its CU Xpress Lease program. As the leading lease program in the nation, funding nearly $1 billion in lease inventory in 2016, credit unions reap the benefits while the program assumes all the risk. Credit unions will be surprised to learn that the CU Xpress Lease takes ownership of the residual, the wear and tear, excess mileage, termination and other fees at the end of the lease.
Moreover, the platform reflects each credit union's brand identity, auto loan growth goals and comes with customer service support. Unique to the program are purchasing incentives for credit unions to provide members along with lead generation tools. The most popular features used by members: the payment calculator, Free Carfax report, comparison tool, save cars feature, all function as lead generation for the credit union. "These are just some of the features that provide solid opportunities for credit unions to be part of the purchase process with the member." Partnering delivers the results credit unions are looking for when the need to establish themselves in growth markets is evident.
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.