ST. LOUIS, Feb. 9, 2017 /PRNewswire/ -- Enterprise Car Sales generated a record $575 million in loan volume to more than 31,000 credit union members during 2016. The 2016 loan amount represents a 15 percent increase from the previous year.
Enterprise Car Sales is a service of the Enterprise Rent-A-Car brand, which is owned by Enterprise Holdings Inc. With more than 130 locations nationwide, Enterprise Car Sales features over 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 nearly 1.3 million vehicles.
Enterprise Car Sales' record auto loan volume is following the overall trend of ongoing auto lending growth in the credit union sector. New reports show credit unions have increased total automotive loan market share to 19.6 percent, up two percentage points from a year ago. In addition, used vehicle lending offers increased profit potential for credit unions, with average used vehicle loan amounts reaching a record high of $19,227 in the third quarter of 2016.
Enterprise Car Sales is further supporting this growth through tailored used-vehicle buying programs that create opportunities for credit unions to increase their used-auto loan portfolio and optimize member loyalty. In fact, Enterprise Car Sales has helped generate $10 billion in loan volume during the last 30 years with more than a thousand credit union partners nationwide.
"Last year's record-setting credit union loan volume is further evidence of the value both Enterprise and our credit union partners place on the importance of customer service," said Beth Wheeler, Corporate Director of Business Development at Enterprise Car Sales. "Complete customer satisfaction is the cornerstone of our business, and our credit union partners share that commitment with their members. As a result, we've developed a three-decade partnership that continues to grow stronger and more productive year after year."
Partnership Built on Legacy of Customer Service
Indeed, 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. This not only includes haggle-free pricing, but also a seven-day/1,000-mile repurchase policy, a 12-month/12,000-mile limited powertrain warranty and a year of unlimited roadside assistance.
"It's reassuring to partner with a company that cares about customer service as much as we do," said Sam Whitehurst, CEO and President of Summit Credit Union of North Carolina, which has partnered with Enterprise Car Sales for several years. "Enterprise provides the same kind of individualized care and attention that we give our members day in and day out. When we refer our members to Enterprise for their used vehicle purchases, they frequently come back remarking on the ease of their car-buying experience."
Growth and Brand Awareness
Strong credit union partnerships are a driving force behind the overall growth of Enterprise Car Sales, which opened four new locations – in Scottsdale, Ariz.; Palatine, Ill.; Marlow Heights, Md.; and Ventura, Calif. – in 2016.
In addition, Enterprise Car Sales has increased brand awareness through commercials on broadcast morning news and cable television, as well as an increased digital presence on car-buying websites. Enterprise Car Sales also is included in the latest Enterprise advertising campaign, which highlights all the transportation services marketed under the Enterprise brand name – from car rental and car sharing to truck rental and retail car sales.
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.
About Enterprise Car Sales
Enterprise Car Sales has sold more than 1.4 million used vehicles. Each vehicle passes a rigorous 109-point inspection conducted by an ASE-certified technician. A free CARFAX® Vehicle History Report™ also is available for all vehicles. Enterprise Holdings Inc., headquartered in St. Louis, operates Enterprise Car Sales and Enterprise Rent-A-Car through its network of independent regional subsidiaries – with more than 5,800 Enterprise rental offices located within 15 miles of 90 percent of the U.S. population.