Online Auto Purchasing Services Improve Member Value, Boost Loan Volume

Does your auto loan portfolio need a jump start? Hundreds of credit unions are now creating or partnering with vehicle purchasing services for their members. Not only are the members happy to save time and money, but credit unions are happy to originate the loan!

 
 

At 16%, credit unions hold a higher market share of auto loans than any other savings or loan product they offer. With the expansion of the internet, many credit unions are finding new ways to assist their members in the auto buying process. Some credit unions offer payment calculators and other tools on their homepages, but others have created or partnered with auto buying programs to dramatically increase member value and satisfaction.

These services, like those offered by Auto Expert, a CUSO of Riverside County’s Credit Union with eight other credit union partners, are almost always entirely web-based. At www.AutoExpertOnline.com, members fill out an online form about the type of vehicle they desire, and then Auto Expert locates and purchases the vehicle at a wholesale price, saving the members both time and money.

In addition to excellent member service, the credit union’s other top priority is to secure their member’s auto loan. By becoming intimately involved in the car buying process, credit unions are much more likely to originate their member’s auto loan. At Auto Expert, over 90% of the vehicle sales are credit union funded.

Researching online for vehicle information is a big-time business. Data from Forrester shows that over 5% of all web searches are for researching and purchasing vehicles. Auto sites get over 60 million unique visitors each month. Consumers like to triangulate their research, so they generally visit multiple sites to gather information.

On Wednesday, June 30th at 2 p.m. EST, Callahan & Associates, Inc. will host a webinar on Online Options for Consumer Auto Purchasing specifically geared toward credit unions. Attendees will learn different ways they can offer vehicle purchasing services to their members and the best methods for making sure your credit union captures the auto loan. Speakers will include Chris Andrus, AVP at Auto Expert and Bill Eveline, President of CarQuotes.com. Please click here for more information and to register.

 

 

 

June 28, 2004


Comments

 
 
 
  • Now a days, credit unions are helping consumers in the every aspect of auto buying process,not just offering loans.
    Anonymous
     
     
     
  • Very informative Article
    Anonymous