LANSING, Mich. — The credit-union based "Invest in America" auto financing program, getting a nationwide launch with both General Motors and Chryslers LLC today, is already producing a sales uptick in dealer showrooms, according to executives of the two automakers.
"I can't attribute all of our December sales increase to the program but certainly a portion of it," declared Edward Broadbear, director of incentives and programs for Chrysler, in comments made to reporters–and to CU executives listening in on a national teleconference led by the Michigan Credit Union League and the automaker.
Earlier, GM Sales Executive James Bunnell echoed a similar positive refrain about early traffic generated from the program during a separate phone hookup. 'Invest' was launched as a pilot with GM and four Midwest state leagues Dec. 10 and this week was expanded to all 50 states after the two automakers found the idea a positive one.
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"In the four states where we began in December we saw a 30% conversion rate of car buyers applying the discount," said David Adams, president/CEO of the Michigan Credit Union League in citing CU member activity.
Under the Chrysler arrangements in 12 states, members must take out a loan to receive the incentives. Both the GM and Chrysler pacts nationwide are slated to run through the end of March though the original GM deal runs through June 30 with a likelihood of it being extended, officials said.
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