The CU Xpress Lease program reaches more than 155,000 leased vehicles and over $5.6 billion in new vehicle lending. Fusion and GrooveCar look forward to continued growth and expansion into new territories!
Archives: Timeline Stories
Timeline Post Type Description
Fusion acquires its marketing partner, GrooveCar. Prior to the acquisition, CU Xpress Lease was a joint effort between 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. The acquisition has enabled Fusion to increase efficiencies, collaboration, and competitiveness of the leasing program.
Fusion and Novak Motors open a new 120,000 square foot indoor LRRC and retail center in Farmingdale, NY to replace the outgrown Hauppauge location. The CU Xpress Lease program expands to California. Fusion and Novak Motors reach 100 employees combined in three business locations. In its tenth year, the CU Xpress Lease program reaches more than 85,000 leased vehicles and over $3.1 billion in new vehicle lending.
A new Lease Return and Resale Center/Novak Motors location opens in Lebanon, New Jersey to accommodate the tremendous growth in the northern and central New Jersey markets. The largest credit union in New Jersey, Affinity Federal Credit Union, joins the CU Xpress Lease program and experiences considerable growth to its new car lending business. The growth of the lease program reaches 60,000 leased vehicles and more than $1.80 billion in new lending.
The CU Xpress Lease program reaches 45,000 leased vehicles and $1.35 billion in total volume. Fusion’s “No Surprises” Excess Wear & Tear policy provides lease customers peace of mind that the condition of their vehicle returned at lease-end will be inspected in a fair manner.