HAUPPAUGE, N.Y. — GrooveCar, a turnkey auto-buying resource for CUs, announced that it has added 29 credit union partners since April of this year. The auto industry continues to be a boon for CUs, with auto loans constituting one-third of total loan portfolios, according to Callahan & Associates.
"Credit unions are eager to have a resource that will provide members vehicle inventory, research information and other auto buying features, while providing specific opportunities to increase loan volume with their members," GrooveCar said in a statement.
With the addition of 29 new CUs, the total number of credit unions partnering with the GrooveCar nears 200, according to Robert O'Hara, VP of strategic alliances at the company. "Auto loans in 2016 continue to remain an area of promise as members' willingness to borrow is fueling their interest and actions," he said.
The 29 CUs that joined are as follows: 1st University Credit Union, TX; Baptist Health South Florida, FL; Bard Employees, NJ; Cherokee County Federal, TX; Corry Federal, PA; Deepwater Industries, NJ; Empower Federal, NY; Great Erie Federal, NY; Greater Hartford Police, CT; Greater Kentucky, KY; Greater Wayne Community, OH; Greensboro Postal, NC; Homefield Credit, MA; H & H, TX; Leominster Employees, MA; Maternity BVM, IL; Monarch Federal, OH; Mountain Heritage, WV; NEA, NY; Northeast Schools and Hospital, VT; OUR Credit Union, MI; People First, PA; Post Office, WI; Riverside Community, IL; Rockford Bell, IL; Sweetwater Regional, TX; Tappan Community, OH; Western Connecticut Credit Union, CT; and West Virginia Central, WV.
GrooveCar claims to have a network of dealerships with more than five million vehicles available. The platform consists of all aspects of the automobile purchasing process: shopping, research, buying, leasing and financing, according to the company.
"The average consumer will spend 14 hours over four months researching a car—yet during those 14 hours I would safely say zero minutes are spent on researching rates," GrooveCar's O'Hara said in an interview. He added that having a website dedicated to automobile shopping is the first step in getting credit union products in front of members and possible new members.
