ST. LOUIS, April 6, 2018 -- Strong credit union partnerships have long been a driving force behind the growth of Enterprise Car Sales, which opened five new locations – in Arizona, California, North Carolina, Pennsylvania and South Florida – in the past 18 months. In fact, Enterprise Car Sales secured 38 new credit union partners and generated a record $576 million in loan volume in 2017.
"We're thrilled to partner with Enterprise Car Sales," said Dorothy Spilker, Vice President and Chief Operations Officer at First Eagle Federal Credit Union, one of Enterprise Car Sales' latest credit union partners. "Enterprise shares our commitment to excellent service, which – combined with First Eagle's low-rate financing – allows us to provide the best experience to our members."
Compared with other types of lenders, credit unions saw the highest rate of growth in 2017, growing total automotive loan market share to 21 percent – an increase of 6.9 percent. In addition, used vehicle lending offers increased profit potential for credit unions, as the average used vehicle loan amount reached $19,189 last year.
Enterprise Car Sales, which sold 12 percent more vehicles in fiscal year 2017 than in the previous fiscal year, is further supporting this growth through tailored used-vehicle buying programs that create opportunities for credit unions to increase their used-auto loan portfolios and optimize member loyalty.
Legacy of Superior Customer Service
Enterprise Car Sales is a service of the Enterprise Rent-A-Car brand, which is owned by Enterprise Holdings Inc. and has been delivering local transportation alternatives since 1957.
With more than 130 locations nationwide, Enterprise Car Sales features more than 250 makes and models of high-quality, late-model used cars, trucks, vans and SUVs – most of which have been selected from Enterprise Holdings' U.S. fleet of more than 1 million vehicles.
Credit union members appreciate the Enterprise car-buying experience, which includes haggle-free pricing. From the first day Enterprise began selling used vehicles in St. Louis in 1962, customers have been assured that the listed price is the price they pay.
The concept of haggle-free pricing is built upon the Enterprise legacy of superior customer service. Car Sales customers receive the exceptional service that is a hallmark of the Enterprise brand, including a seven-day/1,000-mile repurchase policy, a 12-month/12,000-mile limited powertrain warranty and a year of unlimited roadside assistance.
Nearly $11 Billion in Loan Volume Over 30 Years
All told, Enterprise Car Sales has helped generate nearly $11 billion in loan volume over the past 30 years with more than a thousand credit union partners nationwide, including longstanding partners Golden 1 Credit Union and Municipal Credit Union.
"Our relationship with Enterprise Car Sales offers tremendous value to our members," said Greg Brown, Senior Vice President and Chief Lending Officer at Golden 1 Credit Union. "Golden 1 is committed to providing exceptional service to our members, and Enterprise is a partner we can trust to do the same."
"By expanding our network of credit union partners, we've charted a course to continued strong growth," said Sue Calais, Assistant Vice President of Strategic Partnerships for Enterprise Car Sales. "We value the enduring partnerships we've built with credit unions over the past three decades. And we take pride in the fact that they are underpinned by a shared commitment to customer service."
In addition to partnering with credit unions, Enterprise Car Sales also recently launched a commercial accounts program, which specializes in assisting businesses making multiple vehicle purchases.
For more information about Enterprise Car Sales, visit www.enterprisecarsales.com.
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SOURCE Enterprise Car Sales