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- CarSaver and CUNA Mutual Group partner to launch new online marketpace and fintech Platform
CarSaver and CUNA Mutual Group partner to launch new online marketplace and fintech Platform
MADISON, Wis., January 20, 2022 –– CUNA Mutual Group, a broad financial services provider, and CarSaver, the leading automotive e-commerce marketplace and fintech platform have partnered to launch the industry's first online marketplace and fintech e-commerce platform for credit unions. The platform enables members to buy, finance and insure new and used cars entirely online. In addition to the newly formed partnership, CMFG Ventures, the venture capital arm of CUNA Mutual, invested substantial funds to fuel CarSaver's growth.
Credit union members will save time and money on the purchase and every vehicle comes with a lifetime warranty, covering major repairs for unlimited miles, at no cost to the customer, not even a deductible. CarSaver's Automated Upgrades will make it easy for members to change cars before they change tires, avoiding costly repairs in the later years of the vehicle's life. CarSaver's proprietary automated upgrade platform identifies the credit union's auto loan members who qualify to upgrade to a new car for a lower monthly payment then links them to a personal portal where they can see their upgrade options. With a click of a button, they can complete the entire transaction online and have the car delivered directly to their home or pick up at a local certified dealer.
According to Credit Union National Association's Monthly Credit Union Estimates report, credit union members account for $407 billion in outstanding auto loans1. An estimated 13.6 million credit union members qualify for an upgrade, which represents the potential to generate $476 billion in vehicles sales and new loan originations.
"The auto finance industry is going through a digital transformation, and it's important for credit unions to lead in this space," said Bob Trunzo, president and CEO of CUNA Mutual. "CUNA Mutual's commitment to driving digital innovation that enables seamless customer experiences has never been stronger. We believe that CarSaver's technology can help give more members the opportunity to find the car and loan that will work best for their situation. The CarSaver technology is revolutionary, and their leadership team has deep industry experience and a track record of success. We're excited about this relationship."
"CUNA Mutual works with 95% of the credit unions in the U.S. and has been helping them serve their members for 80 years," said Chad Collier, co-founder and CEO of CarSaver. "As they have done in the past, CUNA Mutual is helping credit unions future-proof their business while saving their members time and money, by digitally transforming the entire experience of buying, selling, financing, insuring and upgrading cars, 100% online."
With the soaring demand for digital retailing solutions from consumers and lenders, CUNA Mutual and CarSaver will begin immediately accepting applications for credit unions and dealers to participate. For more information visit CarSaverCommerce.com.
About CUNA Mutual Group
Built on the principle of "people helping people," CUNA Mutual Group is a financially strong insurance, investment and financial services company that believes a brighter financial future should be accessible to everyone. Through our company culture, community engagement, and products and solutions, we are working to create a more equitable financial system that helps to improve the lives of those we serve and our society.
Launched in 2016, CarSaver is the leading online automotive marketplace for new and used cars, helping buyers and sellers save time and money by automating the entire process, from first click to home delivery. CarSaver makes it easy for consumers to do everything 100% entirely online; buy, finance, lease, sell and trade, all the top brands of new and used vehicles in a simple and seamless online experience that is personalized to each customer.
CarSaver's marketplace is used by some of the most trusted brands in the world, including Walmart, Nissan, iHeartMedia and SHOP.com, to automate the entire online buying process, making it faster and easier for buyers and sellers to conduct contactless commerce completely online. CarSaver licenses and white-labels its enterprise platform to car companies, EV distributors, dealers, and lenders who white label CarSaver's ecommerce platform to power their online transactions.
CarSaver's has established a nationwide network of certified dealers who provide hundreds of thousands of new and used cars from all the top brands available in one marketplace. In addition, certified dealers perform maintenance and warranty repairs for CarSaver's lifetime warranty that comes standard at no cost, not even a deductible, on every car.
The CarSaver leadership team has built 10 auto digital platforms that help dealers and manufacturers market and sell cars online. The team has implemented similar technology with 16 car companies and over 4,000 dealerships in 18 countries.
CarSaver was recently named a 2021 Automotive News PACE Award winner. The prestigious award honors automotive suppliers for superior innovation and technological advancement. CarSaver was recognized for launching the first end-to-end, 100% online car buying platform for new, used and certified pre-owned (CPO) vehicles, and its work with Nissan to power the Nissan@Home experience.