LIVONIA, Mich-Invest in America and CU members helped GM and Chrysler close out the year with positive signs for 2010.
GM and Chrysler reported significant U.S. sales increases from November to December, posting gains of 50% and 36% respectively. GM reported it sold approximately 161,000 units last month, while Chrysler shared that its monthly sales volume increased to more than 86,500 vehicles.
Credit union members contributed to the sales surge by buying more than 14,000 GM and Chrysler vehicles in December, a jump of 40% from November. Credit union customers comprised 6% of the total monthly sales for the automakers. The year-end totals cap off a strong first year for Invest in America, which moved 229,344 cars and trucks for GM and Chrysler for $3.5 billion in new auto loans in 2009.
"The numbers from last year show that Invest in America was able to achieve great results in a very difficult environment - bankruptcy jitters and bankruptcy filings, GM and Chrysler incentives changing all the time, and Cash for Clunkers," CUcorp CEO David Adams said. "For 2010, we are projecting that Invest in America will move 300,000 cars and trucks for GM and Chrysler, and we think the upside is much greater."
What will tip Invest in America over its target this year, Adams predicted, are more credit unions getting behind the auto discount program. Currently 2,125 CUs are actively involved-including 304 of the top 500 largest credit unions-and 46 state leagues.
In addition to savings on new cars and trucks, Invest in America offers CU members discounts through Sprint, FTD, CU Benefits Express and Allied Moving and Storage. Now the program is adding discounts through CompleteTax and Equity LifeStyle Properties.
CompleteTax, a state and federal tax preparation software that includes free federal E-filing, is giving CU members a 30% savings on its product. Equity LifeStyle Properties is offering exclusive discounts on resort destinations and RV campsites. CUcorp is a subsidiary of the Michigan Credit Union League.
