3 Steps to Enter Car Buyer’s Journey Earlier [Videos]

Hilly Road into Trees
(Last Updated On: May 23, 2022)

Traditionally, your credit union has had to wait to become part of a member’s car-buying journey:

  1. They apply for an auto loan directly and use it to finance a purchase.
  2. Your credit union happens to be the indirect financing chosen while they’re at a dealer.

Neither are the immersive, consultative, and forward-looking strategies you want. 

A credit union car buying service should be a key component of your credit union’s auto lending strategy. For more than a decade, GreenProfit Solutions continues to help credit unions make more auto loans, preserve members’ wealth with ancillary products, while earning more interest and noninterest income.

This webinar was right up your alley. Consider getting the recording.

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The First Step: Credit Union Car Buying Service

Your member decides it’s time for a new car. The first thing they do is go online and get a feel for the market. Members may or may not know what they want. That’s the awareness phase, and it can start 89 days before purchase.

It’s also exactly where your credit union needs to be.

Adding a credit union car buying service is an easy first step. Does your credit union have one of the best platforms? Because if it doesn’t meet expectations regarding upfront pricing, inventory or other areas, your members will look elsewhere.

It’s important to have a great car buying service, and ensure your members know it exists! Email marketing, presence in mobile and online banking, and home page visibility can grab your members’ attention and engage them.

The Second Step: Also Car Buying Services…and Videos!

Shortages and inflated used vehicle pricing has made car buyers’ dreams a nightmare through their consideration process, but your credit union car buying service makes their research easier! Even more so if you’ve helped them pre-qualify or otherwise determine an estimate of their loan payments..

Your credit union car buying service keeps members close throughout the car buying journey. Some platforms – like our partner, TrueCar – even provide auto loan flipping protection and exclusive member discounts. Knowing they’re in-market also means you can share videos on protection products.

Tap to watch a trailer of the You’re Special to Us series, available for your credit union today!

Now you’re driving financial empowerment and your mission, while growing auto lending.

The Third Step: Support Your Member’s Choice

Your member found a vehicle and entered the decision stage. Where will they finance? What protection products will they add? If you’ve been at their side the entire 89 days, it’s likely your credit union.

What got us to this point?

  • Selecting a solid partner for your credit union car buying service
  • Promoting your credit union car buying service drive members to start there, ensuring you knew they were in-market early on and could respond
  • Providing a trusted platform to find the car they want, easily apply for financing, and learn about protection products 

Keeping members close through their car buyer’s journey, choosing financing with your low rate and possibly helpful ancillary products is an easy choice for them.

Car Buyer’s Journey Unfolds on Video

Watch how your member’s car buying journey moves through these stages, then share this video with the rest of your team:

Your Journey Continues

Their car buying journey might be over, but your own learning path can continue! Our Learning Library has honest guidance for all areas of auto lending, protection products, and much more. Be sure to Subscribe to the Learning Library today to stay informed.

Joe Winn - CU Geek

Blogger. Speaker. Part-time Jedi.

Focused on helping your bank or credit union grow in the face of emerging challenges.