Invest in America Continues to Generate CU Auto Loans
CU Solution Group’s auto lending alliance with Invest in America and General Motors has yielded 130,098 loans from nearly 300,000 members.
That’s according to Lisa Rizk, vice president of membership enhancements and national sales at CU Solutions Group, a marketing, technology and human resources company in Livonia, Mich.
The membership enhancements division oversees the Invest in America program.
For more than three years, Invest in America and GM have teamed up to bring credit union members discounts on new vehicles.
Looking to build on the momentum, GM is expanding its plants, hiring back employees and recently won the 2011 North American Car of the Year for the electric hybrid Chevy Volt at the North American International Auto Show in Detroit, according to CU Solutions Group.
Meanwhile, all six of the biggest automakers except Chrysler reported declines in their year-over-year sales numbers, according to NAFCU’s Macro Data Flash on May’s vehicle sales. Toyota reported the strongest drop in sales with 33.4%, followed by Honda (-22.5%), Nissan (9.1%), General Motors (-1%), and Ford (-0.3%). Chrysler’s sales were up by 10.1%.
Extremely low inventory levels at Japanese car retailers due to supply shortages in the wake of Japan’s devastating earthquake and tsunami in March were one of the main reasons for the declines in May, according to NAFCU.
Car sales declined from 6.8 million annualized units to 5.8 million annualized units, while sales of light trucks fell from April’s level of 6.3 million annualized units to 6 million annualized units, NAFCU’s data showed.