Auto Lending Articles
The Auto Lending Road Is Wide Open For Credit Unions
We’ve seen the headlines reporting that auto sales are in decline and are expected to recede over the next couple of years. At first glance, the news may seem unsettling. As of July 31, new auto sales had fallen 7% from a year earlier to 1.42 million vehicles, according to Autodata Corp. But, is there…
Driving the Car Buying Revolution
When it comes to digital retail, buying a new car has lagged behind other products and services that can be purchased entirely online. Many would agree that the auto industry as a whole is behind the digital curve when it comes to the car buyer’s experience. However, that is rapidly changing. According to a Google/comScore…
In Winning the Auto Lending Race, What’s Next?
You may have heard the expression, “to the victor go the spoils.” Interestingly, this phrase did not originate in some centuries-old prose or novel. As eloquent as it seems, it was actually believed to have been spoken by Senator William L Marcy in 1831, as he described the benefits that come upon winning the presidential…
A Word on Meal Prep and Data Warehousing
If you are a fan of social media networking, as I am, there is no doubt that you have at least a handful of individuals in your network who like to share pictures of their healthy “meal prep” every week. Meal prepping is the process of preparing one’s meals for the coming week and organizing…
New White Paper Explores The Dealer Value Proposition, Reveals Opportunities to Increase Relevance in Credit Union Indirect Auto Lending
The next few years will bring notable changes to the auto finance industry. First, shrinking new car sales will make the auto retail market even more competitive, resulting in front-end grosses decreasing further. Dealers will intially react by implementing cost controls and reducing expenses. Then, they’ll reexamine other parts of their business to find new…
High Dealer Satisfaction Means Good Business for Automotive Lenders
As automobile dealers increasingly expect faster and more efficient vehicle financing, they have begun to pivot away from placing the highest value on transaction speed and focus instead on their relationship with their lenders. This change in expectations is causing lenders to ask how they can increase their business. To answer this, credit unions and…
Changes are Coming to Automotive Retail…Credits Unions Must Prepare
The past few years have been quite remarkable for both dealers and lenders. But the past is not prologue…new car sales have already plateaued, and most forecasters now see 2017 flat with last year – at best – for new car sales. It’s more likely that we will see declines in new car sales, exactly…
The Time Is Now to Prioritize Technology for the Future
With the economy improving, the unemployment rate being the lowest it has been in nine years, and consumer confidence building momentum, credit unions continue to experience steady member and loan growth, low delinquencies and charge offs. These are all very positive signs, but can foster a false sense of security if not careful. History has…
Drive ’17 Conference Delivers the Speakers and Strategies to Help CUs Win
The lending marketplace continues to see competition ramp up. And now, more than ever, to remain not only competitive, but to gain market share, credit unions that embrace cutting-edge technology and strategies to capture more loans, improve loan portfolio performance, better engage members, and improve member loyalty, have a distinct advantage. Leading experts and innovators…
Strengthening Portfolio Performance is Critical in Today’s Auto Lending Marketplace
Since the beginning of time, lenders have sought a way to accurately measure and predict risk in their loan portfolios. Understanding risk allows lenders to make sound credit decisions and properly price loans. Ideally, lenders need to make, at the very least, a high enough return on loans to cover the principle and any costs,…