GrooveCar is celebrating the 10th anniversary of CU Xpress Lease, the company's automotive leasing program for credit unions.
Since the Hauppauge, N.Y.-based company established the leasing program in 2006 it has grown to feature a portfolio that exceeds $3.2 billion and more than 65,000 vehicles. GrooveCar now has offices in in Bedford, Texas, and Lebanon, N.J.
CU Xpress has enabled credit unions to tap into incremental growth with a suite of services, the company said in a news release announcing the anniversary milestone. The program manages the disposition of vehicles at lease maturity and accepts full responsibility for vehicles' residual value, as well as wear and tear. Credit union partners benefit through flexible lease payments, terms and mileage allowances along with access to lease specials on high quality vehicles, the company said.
"We are thrilled to reach this milestone," Frank Rinaudo, senior vice President of GrooveCar, said in the release. "However, we are always looking towards the future, planning for continued growth we can bring to our partners. This is accomplished through analyzing trends affecting lease market penetration, consumer spending patterns and future demand."
CU Xpress Lease in March announced an expanded collaboration with CUNA Mutual Group into major auto leasing markets in Florida, California, New Jersey, New York, and Massachusetts.
