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CU System
GM expresses appreciation to CUs outlines plans
LANSING, Mich. (9/16/09)--Management officials at General Motors expressed appreciation for credit unions and their "Invest in America" auto-sales incentive program during a conference call Monday. Mark LaNeve, vice president of sales and marketing for GM North America, told more than 100 credit unions on the call that "Invest in America" is not just a program GM considered when credit was tight, but a critical partnership for the newly restructured automaker. He outlined GM's plan for moving forward and how credit unions fit into that plan. CUcorp CEO David Adams also spoke during the call, describing the partnership as a catalyst to how business can be done in today's economic environment. CUcorp is a service corporation of the Michigan Credit Union League. "This is another positive example of how today's economic climate is creating unprecedented opportunities for credit unions and their members," Adams said. LaNeve explained that 60% of credit union members who requested a GM authorization code for a discount are purchasing the vehicle. The normal rate is about 15% to 20%, and he expressed satisfaction with the credit unions' statistic. LaNeve also pointed out that 66% of credit union members buying a GM vehicle is either a new GM customer or returning after using another company. Credit unions had an opportunity to ask questions directly with GM and give senior management an idea of how the program worked from the credit union perspective. "This meeting was likely the first time that General Motors Corp., the venerable powerhouse in the auto industry, has had a dialogue with some of the largest credit unions in the nation about a partnership," said Adams, adding that CUcorp is committed to being a catalyst for partnership between credit unions and GM. So far, more than 190,000 vehicles have sold under the "Invest in America" program, with credit unions financing more than 150,000 of the sales. This has resulted in new credit union loans of about $3 billion, said CUcorp.
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