How Excellence in Dealer Engagement Led BECU To a Record-Breaking Year
As credit unions continue to increase their presence in the auto lending marketplace, dealer engagement only becomes more essential. A good working relationship with dealers, coupled with lending technology can increase opportunity for funding auto loans, which improves the credit unionís market presence and deepens their loan portfolio.
CU Direct spoke to Boeing Employees Credit Union (BECU), the winner of our 2018 Excellence in Dealer Engagement Award, about their efforts to build an established dealer network via the CUDL platform, and strong dealer relationships. As the fourth largest credit union in the nation, BECU is well established in their core market of Western Washington, but an expansion into a new state provided new obstacles.
As BECU planned their 2017 expansion into Oregon, they knew their growth would depend on strong dealer relationships. Indirect dealer engagement is critical for BECU, as the program lends up to $96 million per month. By focusing on more than 20 different metrics to evaluate the dealer network, trends, and behaviors, they seek to increase positive application submissions and pinpoint training necessary for dealers.
See how BECUís focus on building dealer relationships helped them collaboratively achieve significant growth in their funded loans, leading to a record year of funding in their history.
Hereís a glimpse at what they accomplished:
– $1.05 billion in funded loans in 2017
– 33% increase in funded loans over the previous year
– BECU dealer events included 90 dealers, and resulted in $11.7 million in vehicle loans
– Achieved more than double their projected plan in the first year of market expansion
Discover more by watching their story.