HAUPPAUGE, N.Y. - GrooveCar Direct — a vehicle buying resource for credit unions — is expanding through new partnerships with a pair of institutions in the Southeast.
Recently coming aboard the program are the $530-million Insight Credit Union, Orlando, Fla., and the $4-million Michoud Credit Union, New Orleans.
As the economy improves, GrooveCar said that credit unions such as Insight and Michoud can take advantage of growth opportunities found in auto financing by providing members with a resource to drive interest and business. Company officials noted that since 2012 credit unions have increased their auto business nearly 30%, with a 16% increase last year.
The GrooveCar program can provide an advantage to credit unions in the market for capturing more vehicle installment contracts from members. The auto buying program can give members with all the resources and interactive functions expected when shopping for a vehicle online, the company said.
“The GrooveCar Direct program is the nation’s leading online credit union automotive product. Credit unions are empowered with the ability to grow their auto loan portfolio from within while serving members with the best data, research and value in the auto buying market,” said Robert O’Hara, GrooveCar vice president of strategic alliances. “For further consideration, our program effectively communicates with the member, an area of interaction credit unions are seeking to fill as in-branch communications are on the decline.”
The company said the process to go “live” with GrooveCar is designed to be seamless with online and phone support as well as a comprehensive training session that takes place under an hour. GrooveCar provides all the necessary tools for a credit union to succeed in marketing the product including customized marketing materials, regular marketing consultations and branding resources.