Here and Gone

 

By John Blom and Margie Church 

Sometimes we get so busy reacting to the current trend, that we lose focus on the future. Yes, auto buying season is upon us and rates are fantastic. This year is projected to be very strong for manufacturers and dealers. Consumers are loosening their purse strings and shopping for vehicles to replace those they've held on far longer than they historically have.

With auto shows popping up everywhere, it's the perfect time to run a pre-approved or pre-qualified promotion to your members. Arm them with money to shop realistically for a vehicle they want— and you keep their business. Everyone is happy

Going after brand new auto purchases might be a no-brainer, but what about the members who have equity in their vehicles? They are ripe pickings for a trade-in and a new loan, too. Have you made the credit union's rates and terms top-of-mind to help ensure these members don’t make the mistake of financing at the dealership or bank? Ouch.

And as long that new car scent is in the air, this is a great time to scrutinize your entire auto loan portfolio, not just a bottom line target. Take a look at the exposure you've got from loans coming to term in the next twelve months. Formulate a strategy to reach these members in case they're thinking of trading, or want to use the equity in their vehicle for another purpose. 

While you're investigating, learn the health of your auto loan portfolio and the quality of your VIN data. Having this information helps you recognize the exposure your credit union has in potential loan turnover and loss. Millions of dollars in auto loans could walk out of your door to a bank or dealership.   

And you'll be thinking those loans were here and now gone.

Is your credit union doing any of these things to hang on to its auto loans? Share with us. We're always interested in learning.

Pinpoint Direct Marketing exclusively serves the U.S. credit union market. We provide excellent, turnkey or a' la carte creative services at a great value. Click to learn more about us.

It's Time for a Better Auto Loan Strategy

 We're your pit crew for auto loan growth.

Automotive manufacturers have been advertising heavily since November. It's time to capitalize on this momentum and put your auto loan portfolio in overdrive.

How?

By appending your MCIF or DP information with other sources, such as NADA data, we'll develop a highly relevant, personal offer for members. We'll also position an offer to prospects for a well-rounded, irresistible campaign that brings in loans for purchases and refinancing.

Springtime is primetime for auto loan campaigns. Auto manufacturers are pouring on the ads. Sales are up, rates are down. Don't miss out. Click here to get started.

And after you've finished with making one of the smartest decisions of the first quarter, have a little fun with us, too. Here's one of our favorite Super Bowl commercials. And here's another. Enjoy!

Drivers, start your engines.

By Margie Church, Copywriter/Editor

Is it time to test the water with a new car loan promotion? Possibly. Is it time for spring auto loan campaigns? Absolutely.

In January, Americans showed higher than anticipated confidence than the economy, though it's far from being pronounced "healthy." Plus, the average auto loan for new car purchases carried an interest rate of 4.16% in December. This was the lowest level since the automotive research site, Edmunds.com, began tracking data in 2002. Granted, luxury car sales dominated the market and the most qualified buyers got the lowest interest rates. However, deep incentives likely contributed to strong auto sales at the end of the year. Industry wide, U.S. auto sales rose 11% in December, capping the best quarter since the third quarter of 2008, according to sales tracker, Autodata.

Push this a little further, and consider that automotive manufacturers around the world, are throwing record levels of money against the Super Bowl. As many as nine of them are giving the traditional top ad spenders a real run for their money. GM is reappearing after a two-year absence. Hyundai and Kia are in the lineup. BMW slides in cue for the first time in a decade, while Mercedes-Benz makes its debut. In other words, positive things are happening in the automotive world and a renewed commitment to advertising in general signals optimism about our economy.

Even if your service area still seems a bit too wobbly to put strong effort against new car loans, what's to say an auto loan campaign isn't right for your CU? Why not ride the coattails of post-holiday and Super Bowl awareness, and blast out a great campaign that shows off your fantastic auto loan rates and terms? April is a traditional time for CUs to do this anyway. With the manufacturers already pumping up enthusiasm for a new car purchase, your credit union can benefit. Lots of times "new to you" is just as wonderful as brand new. And there's always that "new car scent" air freshener available if car buyers need a mental boost. Tell members and prospects to refinance to your credit union and save money. All good strategies.

We're creating auto loan campaigns all over the U.S. What's going on in your CU's service area? Can we help you formulate a great auto campaign? Tell me about it.