GrooveCar Direct Partners With Credit Unions
GrooveCar Direct has partnered with MIDFLORIDA Credit Union and Tuscaloosa Teachers Credit Union. The two credit unions will take advantage of the buying resource's suite of products to grow auto originations.
HAUPPAUGE, N.Y. — GrooveCar Direct has today announced a partnership with two Southern credit unions: Lakeland, Fla.-based MIDFLORIDA Credit Union and Tuscaloosa (Ala.) Teachers Credit Union.
MIDFLORIDA Chief Lending Officer Dennis Pershing explained that the partnership resulted from their need to expand market presence by linking with GrooveCar Direct’s customized auto buying resource capabilities.
"This alignment enhances Central Florida area car dealerships’ inventory and offers a wealth of knowledge on various automotive topics to our members through our website, as well as an easy way to search, compare and apply for a car loan within one location,” Pershing said. “As web-based car shopping and online applications continue to grow, the relationship with GrooveCar will provide our dealer-partners the opportunity to have people virtually 'kick the tires' of their inventory 24/7."
GrooveCar Direct’s custom auto buying resource suite of offerings helps generate organic auto loan growth and noninterest income, officials said, adding that the newly enhanced mobile website takes better advantage of the fact that more and more consumers are using mobile devices while researching car buying options.
“We believe this partnership will not only assist us in growing auto loans, but provide our members with an excellent auto buying research tool, cognizant that purchasing an automobile is one of the biggest financial decisions a person will make,” said Chad Davis, vice president of lending for Tuscaloosa Teachers CU.
MIDFLORIDA FCU has assets of more than $1.8 billion serving approximately 200,000 members across central Florida. Tuscaloosa Teachers FCU serves a membership of more than 8,000 and holds assets exceeding $118 million.
More Auto Finance
Automotive Consumers Sink Further in Debt
Most financing metrics hit records in the second quarter as more buyers locked themselves into long terms and high monthly payments.
Read More →
Porsche Financial Services Shifts Structure
After 36 years with Porsche, the Financial Services Chief Financial Officer Konrad Riedl is retiring, and the department is realigning its management structure.
Read More →
Tariffs Could Raise Insurance Premiums
As U.S. import tariffs affect repair costs, consumers might find it more affordable to replace a damaged vehicle, according to recent Insurify tariff analysis.
Read More →
Smaller Loans, Longer Terms
The youngest generation of car buyers is more likely to finance less expensive vehicles, more than half of generation Z consumers borrowing less than $25,000.
Read More →
New Cars a Tad More Affordable
May averages show that combined circumstances gave auto consumers slightly better buying power for the month, though average prices were up year-over-year.
Read More →
First-Quarter Sees Long Auto Loan Growth
Experian data show more consumers are tapping the method, along with refinancings, to afford buying. Meanwhile, subprime borrowers are getting more access.
Read More →
Mastering Credit Friction
In this video, Josh Krach explains how to turn credit friction into an advantage.
Read More →
April Less Affordable
Based on prices, reduced incentives and slower household income growth, consumers found it more challenging to buy new last month, Cox Automotive reported.
Read More →
Auto Lenders, Consumers on a Tightrope
April borrowing data shows that more consumers are bending over backward to buy vehicles, though subprime lending cooled off for the month.
Read More →
Toyota Financial Services President Replaced
Scott Cooke has served in various roles with Toyota Financial Services for over 20 years, including president and CEO, which he retires from on June 30.
Read More →