Laurel, MD – Tower Federal Credit Union has been named “Credit Union Partner of the Year” by Frost Financial Services (Frost) for the third year in a row. The recognition is due to the continued success of the Tower Car Buying Service, an online car buying service, powered by TrueCar.
In 2017, 1,871 Tower members purchased a vehicle using the Tower Car Buying Service, and of those, 1,088 financed auto loans with Tower. Tower also received a second award from Frost for having over 100 auto sales in at least one month during 2017. Tower had over 100 auto sales in ten out of twelve months last year.
“Tower has consistently developed and employed ‘best practices’ for their Car Buying Service powered by TrueCar,” says Phil Markwell, Partner at Frost Financial. “Tower’s focus on integrating the TrueCar service into its lending operation has empowered their membership to find great deals on vehicles and take advantage of fantastic credit union financing. We celebrate their achievements and look forward to helping more Tower members find and finance their next car.”
“The Tower Car Buying Service fits in well with Tower’s mission to provide value to our members and offer convenient services that help members save money”, says Barry Stricklin, Tower’s Senior Vice President, Chief Lending Officer. “The Tower Car Buying Service is a stress-free, one-stop car buying experience for our members. They can research new or used vehicles online to find the best option for them, get upfront, discounted member pricing from TrueCar Certified Dealers, and take advantage of Tower’s low cost auto loan rates.”
Tower members get discounted member pricing when purchasing with the Tower Car Buying Service, Stricklin says. New car buyers have saved an average of $3,383 off the Manufacturer’s Suggested Retail Price (MSRP).*
Stricklin adds that the Tower Car Buying Service provides transparency so members can feel confident in the price they’re paying for a vehicle. “Members will know the discounted price of their car before stepping foot on the dealer’s lot.”
*Between 7/1/17 and 9/30/17, the average savings off MSRP presented by TrueCar Certified Dealers to users of TrueCar powered websites, based on users who configured virtual vehicles and who TrueCar identified as purchasing a new vehicle of the same make and model listed on the certificate from a Certified Dealer as of 10/31/2017, was $3,383, including vehicle specific manufacturer incentives.