CU XPRESS AND FUSION OPENS AUTO RETURN AND RETAIL CENTER
40,000-square-foot facility to serve Long Islanders
HAUPPAUGE, NY, June 3 –CU Xpress Lease, a joint venture with Dallas-based Fusion Auto Finance, LLC, has opened a state-of-the-art return and retail center today targeted primarily to credit union members.
Operating under the Fusion Auto Finance name, the 40,000-square-foot facility at 1818 Pacific Street, Suite 3, the centrally located building here can accommodate up to 500 vehicles and will permit CU members to not only turn in their cars coming off- lease, but to purchase used or pre-owned vehicles.
CU Xpress Lease and Fusion are subleasing the seven-year-old building that was previously occupied by City and Suburban, a New York Times distribution affiliate. Hauppauge’s Ashlind Properties (www.ashlindproperties.com) handled the transaction, the details of which were not disclosed.
The newly-reconditioned facility will not only offer a showroom, customer cyber café, inspections area, photo booth and indoor storage, but is fully equipped to do vehicle detailing, reconditioning for windshields, minor repair work such as paintless dent removal and bumpers, and interior (car) repairs.
Operational hours during the work week are currently slated for 9 am to 6 pm, with longer hours on Thursday until 8 pm. The facility will also be open from 9 am to 1 pm on Saturdays.
Credit Union members will be able to return their vehicles when they are due under the CU Xpress Lease program. Moreover, the vehicles will be reconditioned and offered for sale in the Hauppauge showroom as well as online via eBay, GrooveCar.com and other major websites. Like many pre-owned vehicles, extended service contracts and warranties will be available.
GrooveCar, Inc. signed a joint venture agreement with Fusion Auto Finance in 2006 to launch CU Xpress Lease, a turn-key retail balloon and lease programs. CU Xpress Lease provides dealer training, marketing and technology solutions for credit unions, which includes front-to-back servicing and safeguards against risk by guaranteeing lenders the full balloon/residual value at the end of a lease. When this was announced, this was believed to be the industry’s first complete leasing solution.
“This Long Island facility makes the vehicle leasing and buying experience all the more easier,” explained Jim Calvert, Fusion’s chief executive. “Working with GrooveCar in their backyard, literally, enables us to build on the foundation, integrity and success they have with credit unions locally. Moreover, the Web site component with the new Hauppauge facility will enable us to showcase its wares to a national audience.”
GrooveCar President David Jacobson emphasized that the new facility was the next logical step in the partnership with Fusion. “When we concluded our agreement, it afforded us the opportunity to build on the experience quotient that Fusion brought to the table. We are very excited to take this to the next threshold.”
About CU Xpress Lease, Inc.
CU Xpress Lease is a joint venture of privately held GrooveCar and Fusion Auto Finance. Founded in 2000, GrooveCar provides a comprehensive array of automobile and automotive services and products – shopping, buying, financing, leasing, ownership – for credit unions and credit union members, as well as access to motorcycles, recreational vehicles and boats. Additional information may be found at www.groovecar.com or Twitter/GrooveCar, Inc
About Fusion Auto Finance
Founded in January 2005, Fusion Auto Finance offers residual management and lease end management in affiliation with EndTrust Lease End Services established in October 1998.
Additional information may be found at www.fusionautofinance.com and www.endtrust.com.
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