A White Paper Report
Includes summary of MTV Study “Millennials Have Drive”.
The internet has dramatically changed the Car Buying process. According to industry reports, 96% of members now start their car buying process online. Is this then, the logical place to begin member engagement? Can car buying services be effectively leveraged by credit unions to increase loan applications, and, more importantly, funded loan percentages?
Good or Bad News for Credit Unions?
Even with record-setting auto loan statistics the past few years, Experian reports that credit unions only secured about 17% market share in 2014. Approvals to Fundings still are a big issue. So where are the lion’s share of loans going, and how can credit unions turn missed opportunities into increased volume and profitability?
Challenge & Opportunity
In 2014, our own research found that there was a major disconnect within our study group between perceptions about how this “new paradigm” applies to credit unions and their members. It’s understandable, as old beliefs are hard to break. The good news – there’s still lots of room for improvement.
Compare Your Results To Your Peers
This updated white paper references 16 major reports and studies on car buying habits, established online buying resources (your members are using them today), dealer terminology, and some newly released statistics on the use of the web and car-buying by Baby Boomers and Gen Y. It also includes the actual feedback from a sampling of our 97 credit union responders from industry LinkedIn groups, and offers questions and conclusions to help guide those interested in starting or improving their existing strategies.
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