HAUPPAUGE, N.Y.—GrooveCar announced that 43 more credit unions have signed on with its credit union auto buying program since July.
“Credit unions continue to increase their lending, with new auto loan balances rising 16% over the last 12 months faster than the 12.7% increase in used-auto loans with total auto loan balances rising 14% since September 2015,” noted GrooveCar, referring to CUNA Mutual Group data.
“The GrooveCar program provides all the tools to stay relevant with members throughout the buying process. Some members are eager to research vehicles and having a car buying platform allows them to pursue this interest before the need of a vehicle is imminent,” the company stated. “Other members need a vehicle right away. The platform suits the habits of all members in their car journey.”
“This has been a healthy economy for car buying. Credit unions looking to demonstrate to members all the benefits of utilizing the financial services available, often begins with auto financing. The member who becomes satisfied with the auto loan process will also take advantage of other financial products,” said Robert O’Hara, vice president of strategic alliances, GrooveCar.
The latest CUs joining the program include: ANECA (California), Arlington Municipal (Massachusetts), Avestar (Wisconsin), Best Reward (Ohio), Bridgeport Police (Connecticut), Capital (Wisconsin), City of Firsts Community (Indiana), Co-Op (Ohio), CODE (Ohio), Commonwealth Utilities Employees (Massachusetts), Crossroads Financial (Indiana), Deere Employees (Illinois), Doches (Texas), Dubois-Pike Federal (Indiana), Emery (Ohio), F.R.S.A. (Florida), Financial Partners (Indiana), First Connecticut (Connecticut), Franklin First (Massachusetts), Garden State (New Jersey), Genesis Employees (Ohio), IH (Ohio), Local 697 Federal (Indiana), MCU Financial Center (Wisconsin), Members First (Wisconsin), Mesquite (Texas). Metro North (Michigan) MyCom (Massachusetts), New England Teamsters, (Massachusetts), New Horizon (Ohio), Oneida County (New York), Pampa Teachers (Texas), PCM (Wisconsin), Pittsburgh Firefighters (Pennsylvania), Public Service (Wisconsin), SIUE (Illinois), St. Vincent’s Medical Center (Connecticut), Standard Register (Ohio), Telco Community (North Carolina), Ukrainian Selfreliance New England (Connecticut), Virginia State University (Virginia), Wayne County (Indiana), and Westar (New York).
“The outlook for car buying remains bright, as credit unions look to increase their competitive edge in 2017,” said O’Hara. “With pent-up demand for autos on the rise for 2017, coupled with a strong economy, credit unions will look towards providing these auto buying solutions to members. The online resource can have the credit union live within a week. All the training and backend set-up is taken care of by GrooveCar, it really is a plug-and-play program.”
“GrooveCar’s auto buying resource is a perfect fit for both direct and indirect programs, further customization is available,” O’Hara added.