GrooveCar

GrooveCar’s Indirect Auto Lending Increased by 44% in 2018

GrooveCar, Press Release / / / , ,

GROOVECAR’S INDIRECT AUTO LENDING INCREASED BY 44% IN 2018

HAUPPAUGE, NY – GrooveCar, one of the nation’s leading providers of auto loan growth, has announced that its credit union partners have seen a 44% increase in indirect auto loans, the highest loan growth within a 12-month period since the company’s inception in 1999.

The strong demand for auto loan volume by GrooveCar’s credit union partners is consistent with current industry trends. New vehicle sales reached 17.3 million units nationwide in 2018, a modest increase of 1.2% over 2017. Credit unions took full advantage of the growing market in 2018, experiencing a 10.7% in auto loan growth nationwide.

In the New York region, new car sales remain a solid performer for auto loan growth. Credit union members total over one million strong and nearly 90% of franchise dealerships participate in the GrooveCar program. GrooveCar brings all parties together with its online auto buying platform for indirect loans and its dealer network solutions with dedicated dealer reps and support services. As part of the fabric of car buying for nearly two decades, credit unions, members and dealerships look to the GrooveCar program to provide dedicated ways to help drive business.

Demand is projected to remain strong through 2019. This is especially true of the auto leasing market. In addition to traditional financing, there is a continued interest in leasing. In certain markets, almost 70% of new vehicle loans are structured through a lease. Vehicle financing is also performing extremely well, with members buying vehicles through their credit unions in record numbers.

GrooveCar will be attending CUNA’s Governmental Affairs Conference in Washington, D.C., March 10th to March 13th, 2019. Credit unions are invited to stop by booth #471 to test drive the auto resource, discover what’s new, and discuss how the program can deliver solutions to grow your auto loan portfolios.

GrooveCar’s Indirect Auto Lending Increased by 44% in 2018 Read More »

Fusion Auto Finance Acquires GrooveCar

GrooveCar, Press Release / / / , ,

FUSION AUTO FINANCE ACQUIRES GROOVECAR

BEDFORD, TX (August 10, 2017) – Fusion Auto Finance, the leader in credit union leasing, announced today that it has acquired the GrooveCar Family of Brands, the industry’s premier auto buying program for organic loan growth, for an undisclosed sum.

“GrooveCar provides an exciting opportunity for us to strengthen our relationships with our credit union partners and to accelerate our growth plans into new markets,” said Jim Calvert, CEO of Fusion Auto Finance. “We’re excited to welcome the GrooveCar team to our organization and look forward to working together to further enhance our product offering.”

The GrooveCar Family of Brands includes CU Xpress Lease, the nation’s premier auto lease program for credit unions, with a portfolio exceeding $5 billion and more than 100,000 vehicles, and GrooveCar Direct, an innovative online auto buying platform exclusively for credit union members. The acquisition also includes CU Xpress Lease CA, CUAutoCoupon, and GrooveCar, Inc.

Prior to the acquisition, CU Xpress Lease was a joint effort of the two companies. GrooveCar provided the indirect lending platform, marketed the program to dealers, acted as a liaison on behalf of the credit union, and managed the dealer relationships. Fusion is the titled owner of each leased vehicle, bears the value risk on all vehicles at lease maturity, and pays full residual value to the credit union at lease maturity. By acquiring CU Xpress Lease, Fusion will be able to increase efficiencies, collaboration, and competitiveness of the program.

ABOUT THE GROOVECAR FAMILY OF BRANDS

GrooveCar is the nation’s leading auto buying resource for credit unions. Our products include CU Xpress Lease, a credit union leasing program with over $5 billion in volume, and GrooveCar Direct, a customizable auto-buying platform that enhances credit unions’ ability to secure loans while offering the value and guidance their members seek. For further information, please visit GrooveCarInc.com.

ABOUT FUSION AUTO FINANCE

Fusion Auto Finance develops turn-key auto leasing programs with credit unions that generate a high return on investment as well as high customer satisfaction. Core competencies in residual value analysis and lease end account management help mitigate the two most challenging risks associated with automotive leasing. Remarketing is the foundation for Fusion and handling the customer interaction as well as the vehicle at lease maturity. Fusion, with its sister company, EndTrust Lease End Services, LLC, has created a lease termination environment that allows Fusion to take an aggressive approach in residual value setting. EndTrust brings to Fusion its strategic, residual value management approach with loss mitigation and profit enhancement tools. The combination of Fusion and EndTrust delivers a lease product to credit unions that is unique within the consumer lease market.

Fusion focuses its business model on providing competitive programs that are financially sound for the company, the credit union partner, and the credit union member. Members enjoy the benefits of lower monthly payments, gap waiver coverage, flexible lease terms, and a fair wear-and-tear policy. Credit unions devote their efforts to credit risk and servicing members while Fusion manages all residual value risk. For further information, please visit FusionAutoFinance.com.

Media Contact:

Chuck Meagher, Sr. Sales & Marketing Manager
cbmeagher@fusionautofinance.com

Fusion Auto Finance Acquires GrooveCar Read More »