HAUPPAUGE, NY– cuautocoupon Inc. was formed here to drive more business to credit unions and auto dealerships. The company intends to provide credit union members with discounts when purchasing a new or pre-owned vehicle through a unique automotive coupon program.
Previously, credit unions were challenged to ascertain who among their members were in the market to purchase a vehicle, said Robert O’Hara, who was named president of the privately-held company. Credit unions have always been challenged with gaining market share in new vehicle financing, according to O’Hara. Consequently, he said that credit unions have watched their members accept financing from other financial institutions, even when credit union financing was readily available and extremely competitive.
Extensive Beta testing in select markets in the Northeast region early this year preceded the official launch of cuautocoupon to ensure a smooth national rollout while enhancing the program. The company’s main goal is to connect members with their credit union prior to the point of sale. This, in turn, puts the credit union in the driver’s seat for the first time to increase its auto loan portfolio balance sheet while improving the credit union’s products per member ratio.
At cuautocoupon — deliberately in lower case — it is O’Hara’s intent to continue to expand the growing number of credit unions and auto dealerships to join this exciting and innovative marketing program and, at the same time, drive both traffic and sales volume to their respective businesses.
In brief, cuautocoupon pairs car-hunting credit union members with their individual credit union’s lending department. By simply filling out a short online form, members will be given immediate access to a coupon that can be redeemed at a local participating dealership. This coupon will entitle the member to receive special discounts off the vehicle purchase price.
As a value-added benefit, cuautocoupon will provide credit unions with the ability to solicit or educate their members in the market to refinance their existing auto loan currently with another financial institution. Additionally, members can redeem a coupon at any local participating dealership to receive 10% off their next service, parts or accessories purchase.
“Everyone wins with this program,” emphasized O’Hara. “The credit union will now have real-time knowledge of which members are in the market to purchase a car before they finalize their purchase, thereby allowing them the opportunity to close more auto loans. Dealerships will increase traffic and sales. Finally, members will benefit from substantial savings, thereby enhancing the credit union’s overall value to their membership.”
Before coming on board, O’Hara, 36, spent the past decade as a senior executive at Sperry Associates FCU in Garden City Park, NY where he succeeded in driving new business through innovative marketing methods while fostering new partnerships with third parties. Before Sperry FCU, O’Hara worked at Champion Mortgage, US National Mortgage and Delta Funding, all metro New York City concerns. He holds a B.A. from Queens College (1998).