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Aggregators help accelerate CUs auto market share
MADISON, Wis. (5/12/09)--Loan aggregators that provide a single portal to access several credit unions are helping pick up the slack in the automotive lending arena after many lenders ceased auto lending in the last year amidst the credit crunch. When Long Island, N.Y., auto dealer Keith Donnelly needed to find auto lenders, he turned to GrooveCar, Inc.--a 10-year old loan aggregator. Donnelly guided his consumer loan contracts to 27 credit unions (Automotive News May 4). In the past eight months, 70% of his retail financing has gone through credit unions, Donnelly told the publication. “It’s worked out fantastic,” he added. “The money has been there for us. There are plenty of funds to finance our customers.” Credit unions’ share of automotive consumer lending leapt to 28.5% in the fourth quarter. For the past two years, it was under 23%, Automotive News said. Convenience for auto dealers is the key to aggregators, the publication said. In the past, credit unions competed with dealers to provide consumer loans. But now, aggregators provide one-stop shopping for dealerships that desire to do business with several credit unions. Dealers pay a fee to be a part of this type of network.
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