GrooveCar Direct the leading auto buying resource for the nation’s credit union industry, just announced a partnership with Medford, NY-based Suffolk Federal Credit Union.
GrooveCar Direct (http://www.groovecarinc.com), the leading auto buying resource for the nation’s credit union industry, just announced a partnership with Medford, NY-based Suffolk Federal Credit Union (http://www.suffolkfcu.org).
Strong economic indicators suggest 2015 will show solid growth potential for credit union automotive portfolios; this is great news as nationwide auto loans increased by 11 percent in 2014 from 2013, as reported by Experian. The GrooveCar program helps to propel credit unions into the path of new auto loan growth from within its membership.
“Suffolk Federal was excited to partner with GrooveCar from the moment we first met their team,” stated Ralph D. Spencer, Jr., executive vice president and COO at Suffolk Federal. “Having ‘Everything Auto’ available to our members offers the convenience of finding all of our auto related products—like financing options, rate information, our mobile app and more—under one location while providing an opportunity to shop for the vehicle that they are interested in purchasing.”
GrooveCar is committed providing superior benefits and value to credit union members. Credit union members need a comprehensive auto buying resource that would serve up everything they expect to have access to: research and comparison tools, millions of vehicles displayed on-site, inventory from local and national dealers, build-out features, virtual test drive, car values, history reports and payment calculators—all branded to the credit union with cross promotions other related products they offer. “This is an exceptional tool that can certainly help Suffolk Federal to enhance our ability to increase loan growth as well. It was a cinch to set up with GrooveCar,” added Spencer.
“The GrooveCar Direct program provides credit unions with the ability to grow from within while providing their members with the best data, research and value in the auto buying market,” stated Robert O’Hara, GrooveCar vice president of strategic alliances. “Additionally, our program provides the relevance credit unions so desperately need in order to communicate effectively to their membership while increasing loan growth and product-per-member ratios.”
Suffolk Federal Credit Union is a volunteer-directed credit union, with assets in excess of $923 million. With eight branch locations, Suffolk offers membership to anyone who lives, works or worships in Suffolk County New York. Founded in 1967, Suffolk memberships number more than 53,000 members.