HAUPPAUGE, N.Y.—Since the early days of Internet browsing, GrooveCar reports it has been providing a program for credit unions to reach members looking to research and shop for their next vehicle.
The online resource, designed to engage members during their auto buying journey was first launched in 1999. It remains true to its’ vision today, albeit with a lot of next-generation features and lead-generation tools, GrooveCar said.
“Major banks are now just starting to provide this service to consumers, and frankly, they are late to the game,” said Robert O’Hara, vice president of strategic alliances, GrooveCar. “An online service such as ours, is only now gaining strength within the banking sector. Credit unions have been offering and thriving with our platform for some time now. Our partners were early adapters, recognizing the benefits from the start. Beyond the credit union partnerships that we have had since the beginning, we continue to expand by partnering with an additional 164 new credit unions nationwide since 2016.”
Offering members what they want during their online shopping experience is crucial to remaining relevant throughout the process, GrooveCar said. Nearly 97% of car buyers will spend up to 14 hours over four months searching online, and the data is even more compelling if someone is targeting Millennials, the company said.
“The program helps the member, the credit union and the dealership come together in one place to do business, during the search process. The key is having the right mix of online services combined with personalized off-line support, to close deals,” O’Hara said. “This full-service approach is having a positive impact on members as they head online to research and buy their vehicles. They know they can also work with a member service representative from GrooveCar to assist them with everything from going through the loan approval process to helping them pick out the color of the vehicle. The program is that comprehensive. We have designed this service to provide a convenient shopping experience right up to time the vehicle is ready to just drive off the lot.”
Credit unions on the program have found a full-service approach makes it easier to connect and complete the sales process, O’Hara said. There are multiple alerts built into the online platform that inform credit unions when their member is looking for a cart, allowing the credit union to reach out and offer guidance.
“Connecting members with what they want through a digital platform is a game changer. Credit unions are ahead of the curve in offering this type of service over banks that are in their infancy in rolling out sites,” O’Hara said. “We have been providing this level of engagement for 20 years and have seen the credit unions’ perception about the service change from a ‘nice to have’ to one that is a ‘must-have’ since it is vital to connecting with their members. We know how the online auto buying market works which is why we have been so successful.”
GrooveCar provides credit unions with the ability to capture more loans during the research phase of auto buying as consumers prefer to complete credit and financial paperwork online. Having both a shopping tool and financial resource at the member’s fingertips closes the loop on the process, and gets the member on their way, O’Hara said.
“This seamless process has been a cornerstone of the program that provides a competitive advantage for the credit union,” added O’Hara. “The resource helps members with important car-buying tools such as locating what they want in vehicle, setting a budget, choosing between new and pre-owned inventory, researching and comparing pricing, getting pre-approved for a loan and discovering trade-in values.