TrueCar offers members a more transparent and easier car buying experience and saves members an average of $3,279 off MSRP.
Frost Financial, through a partnership with TrueCar, announces significant growth for credit unions in 2015. TrueCar works with credit unions to offer their members a one-of-a-kind service that not only makes the car-buying process more transparent, but also saves members an average of $3,279 off MSRP.
In 2015, Frost and its representatives helped more than 25 new credit unions implement the TrueCar car buying service. With these new additions, Frost now has a client base of more than 100 credit unions that are providing this valuable service to their members.
The TrueCar car buying service is designed to give credit unions a way to provide a transparent car-buying experience for their members. “Transparency is key,” says Phil Markwell, partner at Frost. “Buyers want to know they are getting a good deal. They want an efficient car-buying experience that ends with a fair price from a good dealer.” Unlike traditional online auto-buying sites, users of the TrueCar car buying service are able to connect with participating local dealers and receive guaranteed savings off the MSRP of new cars.
With TrueCar, credit union members can see what others in their market paid for the car they are considering, which gives them pricing confidence when they visit the TrueCar Certified Dealer lot. “By presenting pricing information up front, TrueCar Certified Dealers create a more streamlined car-buying experience for the customer. The TrueCar model provides greater transparency, and this truly fits with traditional credit union philosophies of trying to help their members,” explains Markwell.
One credit union that experienced great success with the service in 2015 was Tower Federal Credit Union in Maryland. According to Jenny Vipperman, Vice President of Consumer Lending, “TrueCar allows members to receive transparent pricing information before visiting the lot, resulting in a streamlined buying experience at the dealership. Members can research new or used vehicles to find the best fit for them, get upfront pricing information from TrueCar Certified Dealers, receive a great rate from Tower, and buy with confidence.”
Since signing the first credit union partner in 2010, TrueCar has continued to invest in the space due to the natural alignment between credit unions and TrueCar.
“Today over 8,000,000 credit union members have access to a TrueCar-powered car buying service to help them with their car shopping needs,” said Alex Young, Sr. Manager of Partner Development at TrueCar. “When a credit union can leverage the engaging tools and data found within the car buying service, it can have better visibility into which members are in-market, which is critical for growth and boosting auto loan portfolios.”
TrueCar, Inc. (NASDAQ: TRUE) is a digital automotive marketplace that provides comprehensive pricing transparency about what other people paid for their cars and enables consumers to engage with TrueCar Certified Dealers who are committed to providing a superior purchase experience. TrueCar operates its own branded site and its nationwide network of more than 11,000 Certified Dealers also powers car-buying programs for some of the largest U.S. membership and service organizations, including USAA, AARP, American Express, AAA and Sam’s Club. Over one third of all new car buyers engage with the TrueCar network during their purchasing process. TrueCar is headquartered in Santa Monica, California, with offices in San Francisco and Austin, Texas. For more information, go to www.truecar.com. Follow us on Facebook or Twitter.
Frost Financial Services has been serving the credit union industry since 1972. Best known for its proprietary VisualGAP solution, Frost, through its broker network, currently serves over 1,100 financial institution clients nationwide. For more information on their services, visit www.visualgap.com or contact Phil Markwell at (888) 753-7678.
About Tower Federal Credit Union
Tower Federal Credit Union is a member-owned, non-profit financial institution with headquarters in Laurel, Maryland. Established in 1953, Tower is the largest federal credit union in Maryland with over $2.8 billion in assets. It provides a full array of financial products and services and serves over 142,000 members worldwide. Tower serves its local-area members with 12 branches in Anne Arundel, Baltimore, Howard, and Prince George’s counties and four branches at Fort Meade, as well as online services and mobile banking at towerfcu.org.