In fiscal 2017, St. Louis-based Enterprise Car Sales continued to expand its partnerships with credit unions, adding 38 CUs to its roster.
Enterprise Car Sales said it sold 12 percent more vehicles in fiscal year 2017 than in the previous fiscal year. The company said it is supporting this growth through tailored used-vehicle buying programs that create opportunities for credit unions to increase their used-auto loan portfolios and optimize member loyalty.
The company on Friday reported it generated a record $576 million in loan volume in 2017. It has opened five new locations – in Arizona, California, North Carolina, Pennsylvania and South Florida – in the past 18 months.
“Strong credit union partnerships have long been a driving force behind the growth of Enterprise Car Sales,” the company said in a statement.
Compared with other types of lenders, Enterprise said credit unions saw the highest rate of growth in 2017, growing total automotive loan market share to 21 percent. In addition, used- vehicle lending offers increased profit potential for credit unions, as the average used-vehicle loan amount reached $19,189 last year.
“By expanding our network of credit union partners, we have charted a course to continued strong growth,” said Sue Calais, assistant vice president of strategic partnerships for Enterprise Car Sales. “We value the enduring partnerships we have built with credit unions over the past three decades. And we take pride in the fact that they are underpinned by a shared commitment to customer service.”
In addition to partnering with credit unions, Enterprise Car Sales noted it recently launched a commercial accounts program, which specializes in assisting businesses making multiple vehicle purchases.
Nearly $11 Billion in Loan Volume Over 30 Years
All told, Enterprise Car Sales said it has helped generate nearly $11 billion in loan volume over the past 30 years with more than 1,000 credit union partners nationwide – including longstanding partners Golden 1 Credit Union and Municipal Credit Union.
“Our relationship with Enterprise Car Sales offers tremendous value to our members,” said Greg Brown, senior vice president and chief lending officer at $11 billion Golden 1 Credit Union, Sacramento, Calif. “Golden 1 is committed to providing exceptional service to our members, and Enterprise is a partner we can trust to do the same.”
“We are thrilled to partner with Enterprise Car Sales,” said Dorothy Spilker, vice president and chief operations officer at $89 million First Eagle Federal Credit Union, Owings Mills, Md., one of Enterprise Car Sales’ latest credit union partners. “Enterprise shares our commitment to excellent service, which – combined with First Eagle’s low-rate financing – allows us to provide the best experience to our members.”
Enterprise Car Sales is a service of the Enterprise Rent-A-Car brand, which is owned by Enterprise Holdings Inc., and has been delivering local transportation alternatives since 1957.