WEST PALM BEACH, Fla. - May seems to have been a hot month for credit unions to host car sales. In Daleville, Ala., over $9 million and nearly 500 units changed hands at Army Aviation Center FCU's two-day 21st Annual New Car/Recreational Vehicle/Boat Show and Sale May 6 and 7...
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WEST PALM BEACH, Fla. – May seems to have been a hot month for credit unions to host car sales. In Daleville, Ala., over $9 million and nearly 500 units changed hands at Army Aviation Center FCU’s two-day 21st Annual New Car/Recreational Vehicle/Boat Show and Sale May 6 and 7 that was held in a 33-acre hayfield in Daleville. CU spokesperson Michelle Mann said the credit union has always invited other credit unions to participate in the event, and this year was no different. Joining AACFCU was Wiregrass FCU (formerly FedaPostal Federal) and MTC FCU. This year’s event featured 16 dealers from Enterprise, Dothan, Ozark and Montgomery counties. To participate in the event, dealers had to abide by strict guidelines such as giving the CU the first right of refusal and not doing any dealer preparation on the vehicle. Some 100,000 CU members received private invitations to the members-only sale. According to AACFCU CEO Jim Mitchell, the net yield on total loans during the two-day sale averaged more than 4.60%. Meanwhile in Chicago, Alliant CU’s one-day car sale generated more than $1.5 million in auto financing from the sale of nearly 100 vehicles at its sixth annual car sale. Participating dealers from well-known auto brands participated in the annual event including Ford, Honda, Mercedes Benz, Chevrolet, Chrysler, Lincoln-Mercury, Volkswagen, Toyota, Hyundai, and others, took part in the event. While this was ACU’s sixth time hosting the car sale, it was the first year the nearly $4.5 billion CU leveraged its advertising channels to get the word out about the event. The CU placed two weeks worth of half page ads in a daily newspaper, as well as in several Chicago-area car buying magazines. Alliant also took to the airwaves for the first time, airing recorded commercials and live-spots on a local radio station, including 60-second messages on the station’s new Internet “streaming” feature. In addition to making the vehicle loans, Alliant was also able to sign up about 60 new members. AACFCU and Alliant are veterans at hosting auto sales, but in Pittsburgh, Pa., Clearview FCU held its first annual Car Sale event on May 21 at its main office in Moon Township. The CU estimated more than 700 local and out-of-state residents attended the one-day even at which 105 vehicles were purchased from participating dealers at rates as low as 1.99% APR. Clearview FCU has approximately 76,000 members and more than $580 million in assets. -
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