CUNA Mutual announces investment in the CarSaver business
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.
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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 loans. 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.
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“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.”
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