HAUPPAUGE, NY, Sept. 20 – GrooveCar, Inc., one of the nation's largest auto dealer marketer and indirect lender of auto loans has agreed to make its auto buying product available to the more than 100 credit unions found on the lending platform of loan origination software company Teledata Communications, Inc., (TCI), it was announced here today.
Both GrooveCar, Inc. (www.groovecar.com) and Teledata Communications, Inc. (www.tcidecisionlender.com) are privately-held and based in Hauppauge.
Credit unions who are involved in direct and/or indirect lending are looking to capture more loans as well as provide a high quality auto buying experience to their members, GrooveCar's founder and President David Jacobson explained.
TCI currently powers the GrooveCar AppTrac lending product, which is used by all of GrooveCar's credit union and dealer network to communicate application data. In turn, GrooveCar will provide its auto buying resource to credit unions which use the TCI lending products and enable them to capture more direct and indirect auto loans.
“Because of our existing relationship with TCI, this sharing was a natural adjunct for us,” said Mr. Jacobson. “In this extremely competitive environment, credit unions must find ways to stand out from the crowd. Our auto buying resource allows them to do this in a powerful and very affordable way.”
Added William S. Nass, co-founder and president of TCI: “No one knows the credit union community better than GrooveCar, especially on the auto lending side. They've been key advocates for credit unions over the past decade, encouraging their members to buy, sell, lease and otherwise finance an auto or other vehicle. Together, we will make a bigger footprint that will benefit all.”
About GrooveCar, Inc.
Founded in October 2000, the privately held GrooveCar provides a comprehensive array of automobile and automotive services and products – shopping, buying, leasing, financing, ownership – for credit unions and credit union members, as well as access to motorcycles, recreational vehicles and boats. Additional information may be found at www.groovecar.com.
About Teledata Communications, Inc.
TCI was founded in 1982 and is based in Hauppauge, NY. The company offers a wide range of solutions for the credit granting community that includes credit report retrieval, connections to key databases, tenant and employment workflow automation as well as its leading Web-based loan origination and decisioning solutions. TCI provides loan origination software delivered as “Software as a Service” (SAAS) for direct, indirect, internet and retail banks, credit unions and finance companies. TCI has over 3,800 customers utilizing its reliable ASP-based solutions. More information is available at www.tcidecisionlender.com.