HAUPPAGUE, N.Y.—GrooveCar is holding a webinar Nov. 10 to help credit unions better understand the leasing market.
Titled “Why Lease? Why Now? It’s time for more credit unions to enter the auto lease market,” the program will address the highly profitable and exclusive lease market, as well as the company’s CU Xpress Lease product.
CU Xpress Lease, now in its tenth year, has experienced a 40% year-to-date growth over 2015 and its credit union partners are on pace to fund approximately $1 billion in leases by the end of 2016, GrooveCar explained. The webinar is open to all credit unions and will address how leasing has become the finance option of choice for many throughout key regions of the U.S.
“As leasing continues to expand, this informative webinar will provide an in-depth view of how to position your credit union for success and benefit from market conditions. It’s important for credit unions to gain a greater market share of this business. This webinar will leave those attending with a better understanding of how to get started and grow, as credit unions have a unique advantage,” said Robert O’Hara, VP strategic alliances at GrooveCar.
O’Hara noted Millennial’s growing interest in leasing.
“This propensity to lease, combined with the Millennials deep distrust of traditional banks, places credit unions in an excellent position to serve this group,” he said. “In addition addressing Millennials, the webinar will also focus on why consumers are leasing and why it is important for credit unions to take advantage of market conditions, lease statistics and market data, benefits of offering a lease program, risks associated with leasing and how to compete at the point-of-sale. In essence, the webinar provides a roadmap on how to get in front of all members through a leasing product, while keeping the credit union competitive at every stage of the auto-buying cycle.”
The webinar will also invite attendees to submit questions specific to their needs.
“The goal is to demonstrate how incremental growth can be achieved through leasing. We will be discussing data including statistical information we have witnessed from credit unions on our program. Credit unions will find the information very beneficial as we enter a new year since leasing could help credit unions reach their loan volume and revenue goals for next year,” said O’Hara.
O’Hara said that CU Xpress Lease provides all the tools to compete against the captive finance companies and banks.
“The longevity and success of the program can be traced to the benefits provided to credit unions without the risk once associated with leasing,” said O’Hara. “In some regions of the U.S., up to 70% of new vehicle purchases are through leasing. Credit unions will learn how to be competitive at all stages instead of competing for just traditional loans. Plus, leasing provides an excellent opportunity to build stronger relationships and relevancy with local dealers since there is far fewer lease options for them to choose from, thereby allowing the credit union to stand out.”
CU Xpress Lease features a portfolio of over $3.2 billion and more than 65,000 vehicles, O’Hara said. “The program is 100% responsible for vehicles’ residual value and any wear and tear, along with an average FICO score of 757, a 75% look-to-book and an average term of 37 months.”
To sign up for the webinar, go to the GrooveCar website and follow the prompts or click here.
A copy of the webinar will be made available to all participants.