HAUPPAUGE, NY (Feb. 20, 2018) – GrooveCar, the nation’s leading provider of auto loan growth solutions for credit unions announces 2017 was a year marked by growth and new initiatives. As new partners join the program, new technologies are deployed, new territories are entered, dealer networks are further established, these initiatives helped expand the company’s reach. GrooveCar promises credit unions can count on more strategies for growing auto loan portfolios in 2018.
In 2017, GrooveCar welcomed 84 new credit unions and over a million new members to the program, growing its client base by 66%. New partners joining the program had a combined asset size of $18.06 billion, representing an increase of 59.9% YoY. The average size of each new credit union in 2017 was $212.4 million, an increase of 78.3% YoY. “We are thrilled to be part of the credit union’s mechanism to increase auto loan growth. We tested new programs in 2017, and the response has resulted in additional partner growth,” explains Robert O’Hara, Vice President of Strategic Alliances, GrooveCar Inc.
New technology was introduced to enhance the member experience, and incorporates a single sign-on technology. “This integration encourages a secure data exchange with the credit union to incorporate a single sign-on technology, increasing the personalization of the auto buying journey by pushing real-time, member specific pre-approvals. A member can use the site without having to create a username or password, this was designed to capture more leads and close more loans with existing members” states O’Hara.
Online vehicle shopping is the go-to resource for consumers at all stages of buying. In 2018, upcoming enhancements include a true market pricing tool to increase accuracy of vehicle values. Providing tools to help members make the best choice on a new vehicle will help to eliminate any potential guess work that might delay a loan.
In 2017, GrooveCar expanded to provide credit unions with auto buying strategies in 34 states. “Offering an online resource with a dealer program in several of these new markets, enabled credit unions to benefit from a united front. Helping to establish dealer relationships that incorporated greater communications between parties was a bonus to servicing credit union members,” added O’Hara. GrooveCar’s newest program to help credit unions manage dealer relationships, with a dealer relationship manager from GrooveCar. The program worked with managers who maintain strong dealer relationships while communicating with the CUs. Letting credit unions do what they do best and not worrying about the day-to-day details of working with dealers, has been a welcomed service that closes the sales loop. As the success of this program continues, expansion into new regions will be announced in 2018.
GrooveCar recognizes customized marketing programs is a key component for engaging members. In 2018, credit unions will be offered more choices and a greater array of materials to choose from. Training and learning programs continue with the marketing webinar series kicking off this month. These targeted webinars provide an in-depth review of emerging marketing trends. After each webinar, credit unions can take advantage of the next steps to deployment, provided by GrooveCar to assist in applying what has been learned. Look for more customize marketing collateral and expanded materials for credit union use.
GrooveCar will be attending the CUNA’s Governmental Affairs Conference in Washington, D.C., February 25 to March 1, 2018. Credit unions are invited to stop by booth number 471 to test drive the auto resource, discover what’s new, and discuss how the program can deliver solutions to grow your auto loan portfolios.