A White Paper Report
Updated to include 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. At the same time, only 20% consider financing first. Thus, the appeal of low rates or a simple application process draws fewer eyes than offering a simple and trusted platform to find their next car. We believe a credit union-branded car buying service can lead to increased member engagement and higher booked loan rates.
Good or Bad News for Credit Unions?
Even as auto lending has trended well, credit unions only secure approximately 17% of total market share. The biggest issue? Approvals to Fundings. 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 use them today), dealer terminology, and insights on the use of the web and car-buying by both Baby Boomers and Millennials. 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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