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
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.