GrooveCar Inc., an auto buying resource for credit unions, announced that it now reaches more than 4.3 million members, a 58 percent increase over the prior year.
In the category of credit unions with fewer than 5,000 members, traffic grew by 62 percent during the prior year, while for credit unions with more than 5,000 and fewer than 100,000 members, traffic increased by 61 percent over the previous year. Finally, for larger credit unions – those with more than 100,000 members – traffic increased by 92 percent.
Overall, the GrooveCar Direct program has signed more than 250 credit unions of all sizes since 2016. GrooveCar describes the platform as an “affordable online destination for vehicle research and shopping.”
"These numbers are important as they tell a story of growth among the credit union community,” said Eric Budzinski, assistant vice president at GrooveCar. “The shift to online car buying is happening before our eyes. Members depend on the information provided by their trusted credit union to make important financial decisions."
GrooveCar further said that the more time spent on promoting the resource had a direct effect on the engagement and traffic metrics.
"We found that the larger CUs, with members of 100,000 or more, spent additional time on getting the word out to members,” Budzinski explained. “However, when the collateral marketing materials were used by all the credit unions, engagement increased dramatically, as the traffic metrics demonstrate.”