Competition Stirs Creativity to Woo Car Shoppers
With several back-to-back years of auto lending growth, credit unions have much more room to be creative in their efforts woo car shoppers away from their direct competitors, namely dealerships.
Even though the $420 million First Financial Credit Union in West Covina, Calif., launched its in-house Auto Buying program four years ago, the cooperative had record growth in 2013, said Torri Scott, vice president of marketing and core product manager.
Members of the $64 million Space City Credit Union in Houston recently witnessed another way to buy and sell their vehicles through the cooperative's Members Private Sale site. The free channel furnishes a guaranteed offer for sellers through a third-party partner that provides members with an option to sell their car quickly at a fair price, according to Space City.
Members now have access to a vehicle listing with a free Auto Check report, Kelly Bluebook data, showcase photos, condition report and social media integration for sales optimization.