Fusion Auto Finance Acquires GrooveCar
Bedford, TX (August 10, 2017) – Fusion Auto Finance, the leader in credit union leasing, announced today that it has acquired the GrooveCar Family of Brands, the industry’s premier auto buying program for organic loan growth, for an undisclosed sum.
“GrooveCar provides an exciting opportunity for us to strengthen our relationships with our credit union partners and to accelerate our growth plans into new markets,” said Jim Calvert, CEO of Fusion Auto Finance. “We’re excited to welcome the GrooveCar team to our organization and look forward to working together to further enhance our product offering.”
The GrooveCar Family of Brands includes CU Xpress Lease, the nation’s premier auto lease program for credit unions, with a portfolio exceeding $5 billion and more than 100,000 vehicles, and GrooveCar Direct, an innovative online auto buying platform exclusively for credit union members. The acquisition also includes CU Xpress Lease CA, CUAutoCoupon, and GrooveCar, Inc.
Prior to the acquisition, CU Xpress Lease was a joint effort of the two companies. GrooveCar provided the indirect lending platform, marketed the program to dealers, acted as a liaison on behalf of the credit union, and managed the dealer relationships. Fusion is the titled owner of each leased vehicle, bears the value risk on all vehicles at lease maturity, and pays full residual value to the credit union at lease maturity. By acquiring CU Xpress Lease, Fusion will be able to increase efficiencies, collaboration, and competitiveness of the program.
ABOUT THE GROOVECAR FAMILY OF BRANDS
GrooveCar is the nation’s leading auto buying resource for credit unions. Our products include CU Xpress Lease, a credit union leasing program with over $5 billion in volume, and GrooveCar Direct, a customizable auto-buying platform that enhances credit unions’ ability to secure loans while offering the value and guidance their members seek. For further information, please visit www.groovecarinc.com.
ABOUT FUSION AUTO FINANCE
Fusion Auto Finance develops turn-key auto leasing programs with credit unions that generate a high return on investment as well as high customer satisfaction. Core competencies in residual value analysis and lease end account management help mitigate the two most challenging risks associated with automotive leasing. Remarketing is the foundation for Fusion and handling the customer interaction as well as the vehicle at lease maturity. Fusion, with its sister company, EndTrust Lease End Services, LLC, has created a lease termination environment that allows Fusion to take an aggressive approach in residual value setting. EndTrust brings to Fusion its strategic, residual value management approach with loss mitigation and profit enhancement tools. The combination of Fusion and EndTrust delivers a lease product to credit unions that is unique within the consumer lease market.
Fusion focuses its business model on providing competitive programs that are financially sound for the company, the credit union partner, and the credit union member. Members enjoy the benefits of lower monthly payments, gap waiver coverage, flexible lease terms, and a fair wear-and-tear policy. Credit unions devote their efforts to credit risk and servicing members while Fusion manages all residual value risk. For further information, please visit www.fusionautofinance.com.
Chuck Meagher, Sr. Sales & Marketing Manager