Online Car Buying Service – White Paper
An (Updated) White Paper
Updated to include summary of MTV Study “Millennials Have Drive”.
A New Car Buying Paradigm
Car buying today means you start on your computer (or phone). According to industry reports, 96% of members now start their car buying process online. And only 20% consider financing first. So low rates or a simple application draws fewer eyes than a trusted platform to find their next car. We believe a credit union-branded car buying service leads to more booked loans and more opportunities for non-interest income.
Good or Bad News for Credit Unions?
Auto lending continues to trend up. Credit unions are doing great with 17% of the total market share. Could they do better? What is the biggest challenge? Book rate. ie. How many loans get approved versus how many you fund. So where are they going? And how can your credit union turn missed opportunities into increased volume and profitability?
Challenge & Opportunity
In 2014, we found a major disconnect within our study group between perceptions and reality. Put simply, credit union executives didn’t realize how prolific internet use was for finding and financing cars. Hey, old beliefs are hard to break. The good news: there’s lots of room for improvement.
Compare Your Results To Your Peers
- 16 studies on car buying habits
- Online car buying sites your members visit today (they have their own financing, by the way!)
- Dealer terminology (and how this affects your lending efforts)
- Insights on car buying by generation (From Boomers to Millennials)
Additionally, we share results from our 97 CU executives participating in the study. We conclude with questions to help guide those interested in starting or improving their existing strategies.
Stay informed. Download your copy today!
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