April 21, 2011


Comments

 
 
 
  • Rebecca--thank you for this article. It's obvious Security Service delivers fantastic results with their Auto Center.

    But like most every other credit union, their resources and support are geared towards BUYING...not OWNING. Now one might say..."well, that's what serving the member's auto needs needs to be". Might I suggest that USED AUTO LENDING might just be the best way for CUs to build a relationship with Gen Y!



    Noticed I said a USED AUTO LOAN. For the third year in a row, Deloitte's Automotive Gen Y Survey revealed that over 70% of Gen Y said they would opt for a USED AUTO. That means that 7 out of every 10 Gen Y auto buyers will be looking at a USED AUTO. And if that's true, then isn't this a prime opportunity for CUs to begin a relationship with this most sought out demographic? And to do so via their "first" life event.



    May I also suggest that CUs support that USED AUTO purchase by offering more resources "after the sale"...like car care and repair. And affordable USED CAR pre-inspections(from a trusted resource) should be of great value to Gen Y and their parents (who might very well be co-signing for the loan). Most CU Auto Centers offer resources geared more for NEW AUTO purchasing.



    From what I read, waiting til college age to connect with Gen Y is way too late. Credit unions have a golden opportunity to connect with Gen Y via their first "life event" loan, an auto loan. And there is a 70% chance that loan with be for a USED vehicle.

    Roger Conant