HAUPPAUGE, N.Y.—GrooveCar reported it has added 40 new credit union partners and is now doing business in 19 states.
“Auto buying is hitting historic heights and the competition for members’ auto loan dollars is stiff,” said Rob O’Hara, VP of strategic alliances at GrooveCar. “Our platform is known for delivering a car buying experience to members with all the resources necessary for credit unions to compete at the highest level. The website is loaded with features to capture a member’s interest and generate auto loan leads.”
In 2015, U.S. light vehicle sales hit a record 17.5 million units, generating $987 billion in outstanding auto loan balances. Credit unions earned a 17.6% market share of the overall automotive loan market, according to Experian Automotive, noted O’Hara, adding that CUs understand how competitive they can be when they apply the right tools to meet a member’s car buying needs.
“Auto loans are the credit unions’ bread and butter. For many credit unions they recognize a plug-and-play program is the only way to go,” said O’Hara. “Why try to piece together a product with local dealers, manage it and at the end of the day still not be able to fully provide the resources necessary to run a high-caliber program?”
O’Hara said GrooveCar works with credit unions to provide a strong local inventory while also utilizing existing relationships a credit union may have with dealerships.
GrooveCar launched its new mobile responsive, auto buying website, earlier this year.
“Credit unions and their members are enjoying next generation design elements, ease of use and the newest enhancements to increase the car shopping experience online. SUPRtec (Smart User Preference Resource Technology) is the horsepower behind the site, making it unique to the online buying community. This next generation technology streamlines the user’s preferences, getting them to the car of their dreams,” said O’Hara.
The GrooveCar program comes with technical and marketing support to ensure all aspects of the program are easily deployed, usually within a week, O’Hara explained.
“Once the decision is made to join, implementation and onboarding includes a tutorial covering all aspects of the drop-and-drag format and then a marketing meeting to discuss goals and collateral support materials,” he said. “Ongoing support, marketing consultations, co-branded materials and guidance are included with most of the packages.”
New credit union partners include: American Broadcast Employees, New York; Aurora Policemen, Illinois; Bayou City, Texas; Beacon Mutual, Ohio; Bloomington Postal Employees, Illinois; CAP COM, New York; Champaign County School Employees, Illinois; Cincinnati Employees, Ohio; Community Resource, New York; Credit Union of New Jersey, New Jersey; Danville Bell Credit Union, Illinois; Ecusta, North Carolina; Encompass Niagara, New York; Fannin, Texas; FASNY, New York; First Choice Community, Tennessee; Health Employees, New York; HEB Federal, Texas; Landmark, Illinois; Lubbock Teachers, Texas; Members Trust of the Southwest, Texas; Miami FCU, Florida; Motor City Co-op, Michigan; Northeast Alliance, New York; Northeast Panhandle Teachers, Texas; Patent & Trademark Office, Virginia; PEPCO, Washington, D.C.; Pittsburgh Central, Illinois; Polish-American, Michigan; Postel Family, Texas; Rochester Area State Employees, New York; Santa Rosa County, Florida; School Systems, New York; Tee-Pak Credit Union, Illinois; Texhillco School Employees, Texas; TLC Community Credit Union, Michigan; United Teletech Financial, New Jersey; Utica Gas & Electric, New York; and Western Districts Members CU, Michigan.
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