HAUPPAUGE, N.Y.—GrooveCar announced that four more credit unions have joined the company’s online auto buying service.
Joining the GrooveCar program are: Torrington Municipal & Teachers FCU, Torrington, Conn.; United Poles FCU, Perth Amboy, N.J.; City FCU, Amarillo, Texas; and V.A.C. Employees FCU, Bath, N.Y.
“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, VP of strategic alliances at GrooveCar.
O’Hara pointed out that credit unions are enjoying record auto loan growth, noting that CU auto loan portfolios collectively 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,” O’Hara said. “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, explained O’Hara, adding that 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—and also comes with marketing and digital support services to increase engagement with members,” he said. “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. The ‘go live” process can be accomplished within a week and full technical support is provided throughout.”