The online platform provides new and efficient ways for credit unions to form new relationships and build on existing, new partners agree!
It's been an exciting year for GrooveCar's automotive online buying program. Growth in 2Q continues with 22 new credit union partners, ranging in asset size from $10 million to $3.5 billion, joining and launching their programs. This a great news as credit unions continue to form relationships with new and existing members and borrowers continue to come back for the same or new products. Providing new and efficient ways for obtaining auto related information keeps member interest high. Credit unions are building up huge auto lending portfolios and members are expected to sell or trade up during 2017, leading to more volume. "GrooveCar provides a resource that can meet the online buying needs of members who look for a new vehicle, research trade-in values or buy a pre-owned vehicle, from one location. It's vital to capture member interest and provide a positive loan and shopping experience. It's a one-stop shop. Credit unions, regardless of asset size, realize they have precious seconds to serve members and direct them to where they need to go in auto buying. The platform delivers on all fronts," explains Robert O'Hara, Vice President of Strategic Alliances, GrooveCar Inc.
The online program continues to provide credit unions with an online advantage through engagement and convenience features, recent upgrades include: Market Value Pricing letting members know what other consumers are paying; Finance Calculator that offers an option for credit unions to include life and disability insurance and GAP products into the monthly payment; and Cloud Storage allowing credit unions to access through a password protected log-in their customized marketing support materials.
Powerful tools that help credit unions connect with members and auto dealerships while harnessing cooperative buying power are some of the key elements of its success. Credit unions joining the program realize the host of options available to them, continuous support and the easy launch process make for a wonderful ongoing relationship with GrooveCar. "In addition to all the inventory, research and shopping tools, GrooveCar also provides marketing support as well as custom programming to match the credit unions wants and needs to increase their success rate," explains O'Hara.
Joining the program include: Alcon Employees FCU, TX, with assets of $29 million, serving 2,933 members; Bay Ridge FCU, NY, with assets of $204 million, serving 8,107 members; Belen Railway Employees CU, NM, with assets of $30 million, serving 2,008 members; Corner Stone CU, TX, with assets of $21 million, serving 5,065 members; Education First CU, OH, with assets of $98 million, serving 13,758 members; Educators CU, TX, with assets of $395 million, serving 30,201 members; Embarrass Vermillion FCU, MN, with assets of $33 million, serving 3,643 members; Employees FCU, OK, with assets of $22 million, serving 2,710 members; Green Country FCU, OK, with assets of $61 million, serving 7,792 members; Justice FCU, VA, with assets of $707 million, serving 57,793 members; Kerr County FCU, TX, with assets of $64 million, serving 10,405 members; Lufkin FCU, TX, with assets of $33 million, serving 4,304 members; Money One FCU, MD, with assets of $125 million, serving 12,544 members; Mosaic FCU, VA, with assets of $15 million, serving 4,186 members; Northern States Power CU, MN, with assets of $48 million, serving 3,563 members; One Community FCU, WV, with assets of $73 million, serving 6,904 members; Rancho FCU, CA, with assets of $96 million, serving 10,386 members; Sacred Heart FCU, TX, with assets of $40 million, serving 2,520 members; SEFCU, NY, with assets of $3.5 billion, serving 349,683 members; St. Columbkille FCU, OH, with assets of $24 million, serving 2,173 members; Taylor CU, WI, with assets of $56 million, serving 7,951 members; and Victoria FCU, TX, with assets of $10 million, serving 1,492 members.
*SEFCU headquartered in Albany, NY, is among the 50 largest credit unions in the U.S. with $3.5 billion in assets and serving 349,683 members at over 47 branches in the Capital Region, Binghamton, Syracuse and Buffalo.
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