MIRAMAR, Fla. - Eastern Financial Florida CU's on-site car sale held last month in the parking lot at its headquarters here and organized in conjunction with AutoAdvisors, netted the CU not only $1.6 million in loans, but new members as well. The CU has more than 190,000 members. EFFCU typically holds two on-site car sales annually at its headquarters, the March event was the $1.8 billion CU's second most successful ever - a car sale in October brought in $1.8 million in loans. More than 500 people attended the event, and EFFCU VP of Marketing Mark Holmes said some came from as far as 60 miles away - EFFCU has 21 branches in South Florida and the Tampa Bay region. Its field-of-membership includes Palm Beach, Broward, Miami-Dade, Pinellas and Hillsborough counties. The car sale was primarily targeted to existing EFFCU members, but the CU signed up about 23 new members during the sale. EFFCU - the largest credit union in South Florida and the third largest in the state - has partnered with AutoAdvisors for four years. Its total car loan portfolio is $635 million, of which direct loans account for $217 million. The balance is indirect loans from a program EFFCU manages itself. At the March on-site car sale, five new car dealers and three used car dealers which EFFCU has relationships with, participated in the event. About 70% of the loans generated from the event were for used vehicles. The EFFCU official said the credit union is planning to join seven other credit unions and participate in a three-day car sale May 13-15 that's being organized by AutoAdvisors. Billed as the "Second Annual AutoAdvisors Sun Dome Car Sale," the event will be held on the campus of the University of South Florida. Over 500 cars are expected to be available for purchase. AutoAdvisors held the first annual event last year which attracted 350 attendees and 100 cars were sold. A company spokesperson said AutoAdvisors expects 200-250 vehicles to be sold at this year's car sale. -
ebarr@cutimes.com
