Fusion Auto Finance, a company in the credit union leasing space, has purchased the GrooveCar Family of Brands, the businesses said in a news release Thursday.
Included in the GrooveCar Family of Brands are CU Xpress Lease, an auto lease program for credit unions, and GrooveCar Direct, an online buying platform exclusive to credit union members.
Also included in the purchase are CU Xpress Lease CA, CUAutoCoupon and GrooveCar, Inc.
CU Xpress Lease had been a joint program between Fusion and GrooveCar Family of Brands, before the purchase.
Terms of the deal were not disclosed.
“GrooveCar provides an exciting opportunity for us to strengthen our relationships with our credit union partners and to accelerate our growth plans into new markets,” Fusion Auto Finance chief executive Jim Calvert said in a news release.
“We’re excited to welcome the GrooveCar team to our organization and look forward to working together to further enhance our product offering.”