HAUPPAUGE, N.Y.—GrooveCar plans to unveil a new auto buying platform in 2016.
The new auto buying resource, which includes new marketing products and promotional materials, will be released in the first quarter of 2016.
“We have truly pulled out all the stops and applied the next generation of technology to this resource to create a seamless research and buying experience,” stated Robert O’Hara, GrooveCar VP of strategic alliances. “GrooveCar believes in providing our credit unions with the knowledge, tools and expertise to make their programs successful.”
With the new site, credit unions have access to customized marketing support materials, including newsletter ads, flyers, digital advertising campaigns and the newly introduced Auto Talk newsletter, co-branded video marketing products and social media posting tools.
GrooveCar said it recognizes that nearly three-quarters of North Americans in the age group of 18-34 now prefer to do business with financial institutions that are also technology focused. “The on-line automotive resource delivers everything a member is looking for from researching the vehicle to finalizing the deal,” the company stated.
The comprehensive resource provides a virtual test drive, comparison tools, build-out features, car values, car history reports and a feature that saves all the searches for members to review at their leisure.
“Car buyers perform all their research online before ever visiting a dealership–a staggering 97% of buyers research car buying sites before going to the dealership. The GrooveCar resource is designed to satisfy the member’s vehicle research and buying habits, while also keeping the credit union’s message in front of members during the entire process,” the company said.
“Recent data reflects auto loans have grown to a level not seen since 2005, while mortgage refinancing has slowed significantly, as have mortgage originations,” said O’Hara. “Credit unions have seen their auto loan portfolios improve, climbing steadily during the past four years. With new vehicle sales reaching 17.4 million in 2015, sales in 2016 are predicted to be on pace to surpass this milestone. With this level of business it is essential for members to think of their credit union first when they are in the market to purchase a vehicle. Our goal is to constantly provide platforms to engage auto buying consumers to drive growth for our credit union partners within their existing membership.”