A Texas company that specializes in supporting car leasing through credit unions has acquired GrooveCar Family of Brands, a Long Island, N.Y., company that provides credit unions with online and mobile platforms that allow members to pick cars and arrange loans.
The buyer, Fusion Auto Finance of Bedford, Texas, and GrooveCar of Hauppauge, N.Y., announced the deal Aug. 10, but did not disclose the price.
Fusion and GrooveCar had previously worked together to create CU Xpress Lease as a joint venture. GrooveCar provided the indirect lending platform, marketed the program to dealers, acted as a liaison on behalf of the credit union, and managed the dealer relationships.
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