HAUPPAUGE, NY (October 30, 2015) — Starring down the road to a spectacular 2016 and beyond, GrooveCar will be unveiling a new auto buying platform, marketing products and promotional materials to help credit unions capture a greater share of the auto loan market. Auto sales are the best they have been in a decade, while the average age of an auto on the road still remains at 11 years old. Credit is readily available and there is no shortage of buyers. Industry bellwethers are predicting continued growth into the future with 2016 breaking records and experts anticipating 18.2 million vehicles will be sold in 2017; GrooveCar has the tools credit unions need to capture member interest and close more loans.
The greatly anticipated, new auto buying resource will be unveiled in the first quarter of 2016 to credit unions. Since August, credit unions have being receiving updates and glimpses of the new site which has been a year in production. “We have truly pulled out all the stops and applied the next generation of technology to this resource to create a seamless research and buying experience,” stated Robert O’Hara, GrooveCar’s Vice President of Strategic Alliances. GrooveCar believes in providing its credit unions with the knowledge, tools and expertise to make the program successful. Every credit union has access to all the customized marketing support materials including newsletter ads, flyers, digital advertising campaigns and the newly introduced Auto Talk newsletter, co-branded video marketing products and social media posting tools. Credit unions are provided with regular marketing webinars to strategize and support their marketing efforts. Additional products and promotions to engage the member will be available in 2016.
GrooveCar recognizes that nearly three-quarters of North Americans in the age group of 18-34 now prefer to do business with financial institutions that are also technology focused; the GrooveCar auto buying platform has responded to that trend. The on-line automotive resource delivers everything a member is looking for from researching the vehicle to finalizing the deal. The comprehensive resource provides: a virtual test drive, comparison tools, build out features, car values, car history reports and a feature that saves all the searches for members to review at their leisure. Car buyers perform all their research online before ever visiting a dealership, a staggering 97 percent of buyers research car buying sites before going to the dealership. The GrooveCar resource is designed to satisfy the member’s vehicle research and buying habits, while also keeping the credit union’s message in-front of members during the entire process.
“Recent data reflects auto loans have grown to a level not seen since 2005, while mortgage refinancing has slowed significantly, as have mortgage originations. Credit unions have seen their auto loan portfolios improve, climbing steadily during the past four years. With new vehicle sales reaching 17.4 million in 2015, sales in 2016 are predicted to be on pace to surpass this milestone,” explained O’Hara, adding, “With this level of business it is essential for members to think of their credit union first when they are in the market to purchase a vehicle. Our goal is to constantly provide platforms to engage auto buying consumers to drive growth for our credit union partners within their existing membership.”
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