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GrooveCar Releases White Paper on Driving Loan Growth and Interactive Member Engagement

Empowering members with online auto buying and going beyond rate

GrooveCar, the nation’s leading online auto loan growth partner for credit unions, has just released a white paper entitled, “Drive Auto Loan Growth with Interactive Member Engagement.” The white paper outlines the GrooveCar Direct program for credit unions and is available for download here. The white paper contains valuable information and guidance for credit unions as they embark on engagement strategies, lead generation and loan capturing activities.

The white paper was produced after nearly a year of research and development, pulling together industry trends and best practices into one cohesive document. The purpose of the white paper is to educate credit unions on the new approach to auto loan growth. It explains how offering more than just rate will boost profitability, becoming part of the lasting approach to auto loan growth.

The white paper includes in-depth overview of:

    • Engagement strategies
    • Lead generation features and descriptions
    • Built-in resources
    • Auto loan growth
    • …and so much more!

The GrooveCar Direct program has had successful partnerships with credit unions for over a decade bringing members, credit unions and auto dealerships together into the vehicle buying process. This experience and unique view of the industry helped shape the white paper. “GrooveCar was one of the first companies to optimize this online process. We knew early on a digital presence could capture the first spark of interest in a member as they looked to purchase a new or pre-owned vehicle. This program benefits our credit union partners’ relationship with their members while enhancing the overall performance of auto loan portfolios. The white paper is loaded with actionable insights that won’t disappoint,” explains Robert O’Hara, VP of Strategic Alliances, GrooveCar Inc.  The compiled information will help to explain the importance of providing an online auto shopping site, and the role a credit union can play to increase their success in capturing more loans.

What has worked in the past, may not continue to work in the future. GrooveCar inspires credit unions to look at auto loan growth activities differently. When adding an auto resource, a credit union will now find itself competing on a higher level than ever before. The white paper explains how the journey to the point-of-sale can start with a focus that doesn’t have to be dependent on rates alone. “Too often we want to only concentrate on what happens at the end, when financing happens, overlooking the long road to the sale and other opportunities that can be missed.”

This comprehensive white paper discusses the importance of lead generation, a great tool built into the program designed to keep your credit union relevant throughout the buying journey. This feature is found in many popular places members seek out, credit unions will gain greater insight into the role it plays and how to manage. “Lead generation is designed around great content found throughout the platform, the white paper explains in detail the methodology behind these features for loan growth and engagement,” states O’Hara.

The white paper also examines how to get started with this feature-rich, digital sales tool. Explained are the easy initial steps that will put your credit union on the path to success, in a turn-key time frame. The evidence is overwhelming when it comes to servicing members with an online shopping and research site for vehicle buying. Providing this service helps credit unions build a great presence with members while competing at all levels. The race to meet members’ needs in this market segment is fierce, but with a partner by your side, the strategy becomes very clear.

As cited in: CU Today