Looking for a way to grow your auto loan portfolio? Take TrueCar® for a spin. Tower Federal Credit Union did, and since the initial rollout of the service last year, they have captured more than $5 million in auto loans. With more and more buyers, especially the younger Millennials and their intent to take the car-buying process as far as possible online before walking into the showroom, TrueCar provides credit unions with a proven way to capitalize on this evolving approach to car buying.

Tower Federal Credit Union is the largest federal credit union in Maryland, with nearly $2.8 billion in assets and 137,000 members. Tower started with TrueCar in late 2014 and has since averaged about 85 loans per month. The car-buying service appears on its website as Tower Car Buying Service, powered by TRUECar, and in the first year since its launch, Tower has funded over $22 million through the program according to Jenny Vipperman, Vice President of Consumer Lending.

“Tower’s focus is member service, and with TrueCar we can provide members with an easy and convenient way to research and choose their next vehicle online,” explains Vipperman. Through its relationship with Frost Financial, Tower Federal Credit Union gained access to the program and branded it: Tower Car Buying Service, powered by TRUECar. As of today, new auto loans account for roughly 16% of Tower’s total loan portfolio.