GrooveCar, the Hauppauge, N.Y.-based credit union auto lending solution, is touting continued success, with an additional 22 CUs joining during the second quarter of 2017.
Auto lending continues to be a major growth area for credit unions, and CUNA Mutual Group’s latest Credit Union Trends Report revealed a seasonally adjusted annualized growth rate of 20.1 percent for the year ending in May 2017. New auto lending is the fastest-growing loan category industry-wide for the first five months of this year at 18 percent, followed by used-auto lending, which rose by 13 percent.
"GrooveCar provides a resource that can meet the online buying needs of members who look for a new vehicle, research trade-in values or buy a pre-owned vehicle, from one location,” GrooveCar VP of Strategic Alliances Robert O’Hara said in a statement. “It's vital to capture member interest and provide a positive loan and shopping experience. It's a one-stop shop. Credit unions, regardless of asset size, realize they have precious seconds to serve members and direct them to where they need to go in auto buying. The platform delivers on all fronts.”
GrooveCar’s latest additions are:
- Alcon Employees FCU, TX, with assets of $29 million, serving 2,933 members
- Bay Ridge FCU, NY, with assets of $204 million, serving 8,107 members
- Belen Railway Employees CU, NM, with assets of $30 million, serving 2,008 members
- Corner Stone CU, TX, with assets of $21 million, serving 5,065 members
- Education First CU, OH, with assets of $98 million, serving 13,758 members
- Educators CU, TX, with assets of $395 million, serving 30,201 members
- Embarrass Vermillion FCU, MN, with assets of $33 million, serving 3,643 members
- Employees FCU, OK, with assets of $22 million, serving 2,710 members
- Green Country FCU, OK, with assets of $61 million, serving 7,792 members
- Justice FCU, VA, with assets of $707 million, serving 57,793 members
- Kerr County FCU, TX, with assets of $64 million, serving 10,405 members
- Lufkin FCU, TX, with assets of $33 million, serving 4,304 members
- Money One FCU, MD, with assets of $125 million, serving 12,544 members
- Mosaic FCU, VA, with assets of $15 million, serving 4,186 members
- Northern States Power CU, MN, with assets of $48 million, serving 3,563 members
- One Community FCU, WV, with assets of $73 million, serving 6,904 members
- Rancho FCU, CA, with assets of $96 million, serving 10,386 members
- Sacred Heart FCU, TX, with assets of $40 million, serving 2,520 members
- SEFCU, NY, with assets of $3.5 billion, serving 349,683 members
- St. Columbkille FCU, OH, with assets of $24 million, serving 2,173 members
- Taylor CU, WI, with assets of $56 million, serving 7,951 members
- Victoria FCU, TX, with assets of $10 million, serving 1,492 members.
