Is Leasing Right for Your Credit Union?

Because car buyers come in all shapes and sizes, meeting the needs of the vehicle-buying population should go beyond a one-size-fits-all approach. When a member is shopping for a vehicle, credit unions should provide as many options as possible – especially to millennials, a group that is starting to define the lending landscape. While applications for leases grew 7% in 2016 over 2015, in the last five years leasing has increased by double digits (from 16% to 33%).

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Car Sales Were at Record Levels in 2016...How Will Your Credit Union Keep it Going?

By: Robert O'Hara, VP Strategic Alliances, GrooveCar & CU Xpress Lease

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Home GrooveCar Direct CU Xpress Lease Additional Solutions Media About Us More Schedule a Demo Now! GrooveCar’s CU Xpress Lease Hit Record In 2016 of Nearly $1 Billion in Volume

HAUPPAUGE, N.Y.—GrooveCar’s CU Xpress Lease experienced its best-ever funding year in 2016, reaching nearly $1 billion in lease volume, the company reported.

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GrooveCar’s CU Xpress Lease Hit Record In 2016 of Nearly $1 Billion in Volume

HAUPPAUGE, N.Y.—GrooveCar’s CU Xpress Lease experienced its best-ever funding year in 2016, reaching nearly $1 billion in lease volume, the company reported.

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"Take a Free Ride" …GrooveCar Announces Winner of its Credit Union Promotion

HAUPPAUGE, N.Y. - June 29, 2017 - PRLog -- GrooveCar, the online auto buying resource for credit unions and members, announces the winner of its "Take a Free Ride" promotion. The contest was held from May 1-31, open to credit unions across the country looking for a chance to win a free year on the program valued at over $5,000. The winning credit union, Victoria FCU located in Victoria, Texas with assets of over $10 million and a member base of 1,492 was the winner through a random drawing. "The program continues to grow in popularity as credit unions are looking for an affordable way to reach members through their own branded, digital platform. GrooveCar is that resource and we wanted to create excitement in the industry with a full year giveaway of the program, along with our award winning marketing support," explains Robert O'Hara, Vice President of Strategic Alliances, GrooveCar Inc.

The digital platform drives engagement with members, credit unions and dealer partners. "Creating a connection between these three groups is a very powerful tool for increasing auto loan growth," states O'Hara, adding, "The platform helps credit unions predict when members are at various stages in the car buying process. This is true power for credit unions and auto dealerships also vying to serve the member." The contest was designed to draw awareness to GrooveCar and educate credit unions about digital strategies that work to capture more leads and engagement.

The winner, Victoria FCU will have an auto buying platform completely customized to their needs. Jenny Ruiz, CEO is very pleased about winning, "Victoria Federal CU is very excited about the loan growth potential we feel that GrooveCar will bring to our credit union. We are thankful for the opportunity that the "Take A Free Ride" campaign has offered us!"Turn-around time for getting the program running is generally less than two weeks. "Our winning credit union realizes the importance of providing members with an auto research and shopping experience that is on par with all other internet digital offerings. Keeping members satisfied is accomplished through this innovative resource," says O'Hara.

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