Auto Loans - From Bread and Butter to Cornbread and Collard GreensAuto loans have been the long standing “bread and butter” of credit union profitability and member engagement since the first credit union was formed. Great rates, exceptional member service and a member-owned “People Helping People” mission all drove members to the credit union for their auto loans.
However, the easy “bread and butter” auto loan is vanishing faster than a stick of butter melting in the hot summer sun. Today’s reality is that technology and the digital world have upset the apple cart. Members now go online, spending an average of 12-14 hours researching and getting excited looking at shiny pictures, videos, and all the new options, before ever thinking of the loan or even their credit union. And while on those sites, their data is funneled into easy online competitor financing offers with one or two mouse-click approvals.
Credit unions have got to provide the comfort food, cornbread, and collard greens, by joining the digital world in the auto vertical so that members funnel into THEIR lending funnel, not the competitors. Attendees will learn about the reality of the digital world of auto research, buying and financing and how dealers and manufacturers are moving toward end-to-end touchless digital car buying, financing and delivery. They will also be given practical ideas and action items of what they can do today to compete and win in the auto vertical while also embracing and enhancing their People Helping People mission.
Chris J. MillerChief Operating OfficerAuto LinkDirect line: (804) 361-4151Company: (888) 989-3500Company website
