Auto Buying Firm Targets CUs
A newly launched firm is aiming to drive more business to credit unions and auto dealerships and provide discounts to members.
Through cuautocoupon Inc., members are paired with their credit union’s lending departments. After filling out an online form, they are given access to a coupon that can be redeemed at a local participating dealership and entitle them to receive special discounts off the vehicle purchase price.
The company said it will also provide credit unions with the ability to solicit or educate their members in the market to refinance their existing auto loan currently with another financial institution. Additionally, members can redeem a coupon at any local participating dealership to receive 10% off their next service, parts or accessories purchase, according to cuautocoupon.
“Everyone wins with this program,” said Robert O’Hara, president of cuautocoupon. “The credit union will now have real-time knowledge of which members are in the market to purchase a car before they finalize their purchase, thereby allowing them the opportunity to close more auto loans. Dealerships will increase traffic and sales. Finally, members will benefit from substantial savings, thereby enhancing the credit union’s overall value to their membership.”
O’Hara has ties to the industry having previously served as a senior executive for 10 years at the $316 million Sperry Associates Federal Credit Union in Garden City Park, N.Y. His career experience also includes positions at several mortgage and financing companies.
Earlier this year, beta testing occurred in select markets in the Northeast region before cuautocoupon’s official launch, the company said.