GrooveCar expanded its indirect lending partnerships by adding 43 credit unions to its digital auto financing platform since July, the company announced in a press release.
Auto loans now make up 34% of the average credit union’s loan portfolio, which is the highest ratio since 2007, the release claims. GrooveCar also expects to close $1 billion in auto leases this year through its CU Xpress Lease program.
“This has been a healthy economy for car buying,” said Robert O’Hara, vice president of strategic alliances at GrooveCar. “Credit unions looking to demonstrate to members all the benefits of utilizing the financial services available, often begins with auto financing.”
New partners include IH Credit Union in Ohio, with assets of $296 million; PCM Credit Union in Wisconsin with assets of $200 million; and Best Reward Credit Union in Ohio, with assets of $154 million, the release stated.
“We are always looking at new ways to put the credit union in the path of the member’s desire to research and finance a vehicle, while keeping the member in the driver’s seat,” O’Hare said.
