By: Robert O'Hara, VP Strategic Alliances, GrooveCar & CU Xpress Lease
During the Gold Rush of the mid 1800’s, a mineral expert named Dr. Matthew Fleming Stephenson, explained to miners going west that exploring new territory would reap fortune. As a self-proclaimed expert in the field of geology, he was the first to collect many precious minerals and bring them to the attention of the world.
While we are not all going to jump into our covered wagons and head west, as we seek out new business opportunities, I encourage you to engage in less rushed and researched approach. The lure of a get rich quick promise always proves to be too good to be true. The premise of wanting to expand horizons, or a company’s market share, should always remain a very desirable quest.
As auto sales keep setting records, having just witnessed 2015 sales numbers— the highest ever for cars and trucks, selling more than 17 million. These numbers are hard to ignore. I want to emphasize that just having a loan program alone will bring customers in, but will it reap greater rewards? To find gold in the hills requires a steady focus on where expansion can happen, how to get there and how to bring about portfolio growth.
One of the areas we have found that assists with harnessing growth is in a new feature we just introduced to help recapture loans lost to competitors. Found on the GrooveCar auto-buying platform, the auto refinance calculator and comparison is designed to pique the members’ interest in taking a look at ways they can save money on their current auto loans from other institutions, monthly. Members who already have vehicle loans are an overlooked area of loan growth, for credit unions.
With the refinance calculator, credit unions can tap into yet another area of capturing loans. I recently received a letter in the mail from my own credit union to do just that. Take your promotion activities a step further and include a digital email letter and link to your new refinance calculator. You will not be disappointed; a real savings promotion never falls on deaf ears. Ask yourself, since 2015 how many of your member loans have been funded by your competitors? Exactly…what are you waiting for…there is so much volume to be had and the benefit to your members is tangible for them to want to take advantage of your offer!