Though BBVA Compass exited the indirect auto lending business in 2009, the Birmingham, Ala.-based bank has launched a new service to get itself back in front of car shoppers.
The BBVA Compass Car-Buying Service, as the program is called, is a joint venture with TrueCar Inc., a provider of real-time, new-car transaction data online. Available at www.bbvacompass.zag.com, the service enables customers to research and price new and used cars online, then receive price quotes.
“Not only can our customers configure the exact car they want and get an upfront guaranteed price from the comfort of their home, but with the Price Protection Certificate, they are assured that the price they receive online is the same price they will pay at the dealer,” said Jon Mulkin, consumer segment director for BBVA Compass, in a prepared statement.
Despite shuttering its indirect auto operations, BBVA Compass still offers direct auto loans to car buyers via its branch network: 716 branches spread throughout Alabama, Arizona, California, Colorado, Florida, New Mexico, and Texas.
Might this TrueCar partnership be a step toward reinstating BBVA’s indirect business? When the bank closed the unit, the auto portfolio totaled nearly $4 billion.
