Because many residents experienced damage to their vehicles as a result of Hurricane Sandy, CU Xpress Inc. said it experienced a 200% increase in auto leasing when compared to their traditional volume for the time of the year the storm struck.
CU Xpress Lease is a joint venture of privately held GrooveCar Inc. in Hauppauge, N.Y., and Fusion Auto Finance LLC in Hurst, Texas.
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Superstorm Sandy wreaked havoc and widespread power outages on Long Island, metropolitan New York and coastal New Jersey, resulting in overwhelming damage to many homes, communities and vehicles.
This, in turn, has led to an upsurge in car sales, primarily in the leasing area, according to CU Xpress Lease.
The firm said its post-Sandy numbers showed a 200% increase in auto leasing when compared to their traditional volume for this time of year. As a result, with loan volume and the demand for vehicles rapidly increasing, dealership inventory is slim, the company noted.
Credit union members are tapping the GrooveCar network to locate the vehicles they need, according to CU Xpress Lease. To help accommodate them, dealerships have started to request aid in restocking from surrounding states and manufacturers, the company said.
