CARSAVER AND CUNA MUTUAL GROUP PARTNER TO LAUNCH NEW ONLINE MARKETPLACE AND FINTECH PLATFORM
MADISON, Wis., Jan. 20, 2022 /PRNewswire/ — CUNA Mutual Group, a large financial services provider, and car saver, the first automotive e-commerce marketplace and fintech platform, has partnered to launch the first online marketplace and fintech e-commerce platform for credit unions. The platform allows 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, has invested substantial funds to fuel CarSaver’s growth.
Credit union members will save time and money on 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 allow members to easily change cars before changing tires, avoiding costly repairs in the final years of the vehicle’s life. CarSaver’s proprietary automated upgrade platform identifies credit union auto loan members who are eligible to upgrade to a new car for a lower monthly payment, then connects them to a personal portal where they can view their options for Upgrade. With just one click, they can complete the entire transaction online and have the car delivered straight to their doorstep or picked up from a local authorized dealership.
According to the Credit Union National Association’s Monthly Credit Union Estimates report, credit union members represent $407 billion in outstanding car loans. An estimated 13.6 million credit union members are eligible for an upgrade, representing the potential to generate $476 billion in vehicle sales and new loan originations.
“The auto finance industry is going through a digital transformation, and it’s important that credit unions be at the forefront of this,” 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 CarSaver’s technology can help give more members the ability to find the car and the loan that will best suit their situation. The CarSaver technology is revolutionary, and their management team has deep industry experience and a track record of success. We are delighted with this relationship.
“CUNA Mutual has worked with 95% of credit unions in the United States and helped them serve their members for 80 years,” said Chad Necklace, 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 members time and money by digitally transforming the entire buying, selling, , financing, insurance and car upgrades, 100% online.”
With the growing demand for digital retail solutions from consumers and lenders, CUNA Mutual and CarSaver will immediately begin accepting applications from credit unions and dealerships. For more information, visit CarSaverCommerce.com.
About CUNA Mutual Group
Founded on the principle of “people helping people”, CUNA Mutual Group is a financially strong insurance, investment and financial services company that believes that a better financial future should be available to everyone. Through our corporate culture, community engagement, and products and solutions, we work to create a fairer financial system that helps 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 delivery. home. CarSaver allows consumers to do everything 100% completely online; buy, finance, lease, sell and trade all major brands of new and used vehicles in a simple and transparent online experience, personalized for each customer.
CarSaver’s marketplace is used by some of the world’s most trusted brands, including Walmart, Nissan, iHeartMedia and SHOP.com, to automate the entire online shopping process, allowing buyers and sellers to complete online contactless commerce faster and easier. CarSaver licenses and white-labels its business platform to automakers, electric vehicle distributors, dealerships and lenders who white-label CarSaver’s e-commerce platform to power their online transactions.
CarSaver’s has established a nationwide network of certified dealerships that supply hundreds of thousands of new and used cars from all major brands available in one market. Plus, Certified Dealers perform maintenance and warranty repairs for CarSaver’s Lifetime Warranty which comes standard at no charge, not even a deductible on every car.
CarSaver’s leadership team has created 10 automotive digital platforms that help dealers and manufacturers market and sell cars online. The team has implemented similar technology with 16 automakers and more than 4,000 dealerships in 18 countries.
CarSaver was recently named the winner of the 2021 Automotive News PACE award. This prestigious award recognizes automotive suppliers for their superior innovation and technological advancements. CarSaver was recognized for launching the first end-to-end 100% online car buying platform for new, pre-owned and Certified Pre-Owned (CPO) vehicles, and its work with Nissan to propel the [email protected] experience.
1. Credit Union National Association Monthly Credit Union Estimates
For more information:
Barclay Pollak, 608.665.7188 [email protected]
Ian Guss, High10 Media for CarSaver 212.918.2046 [email protected]
Maria Maestro, CarSaver 786.442.8980 [email protected]