A two-day test-drive event held by Perfect Circle Credit Union, in support of the Invest in America program, won the praise of General Motors executives even though the event turnout was low.
The credit union, based in Hagerstown, Ind., sent out postcards to 5,000 area residents notifying them that they were pre-approved for a car loan and inviting them to test drive GM vehicles during a two-day event in April at all of the credit union's branches.
Three local businesses participated in the event by providing prizes and gifts to those who test drove a car. Perfect Circle also advertised the event on the radio, in newspapers and through its newsletter.
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Vice President of Marketing Carma Parrish said that attendance during the two day event was pretty slim, but she said she feels that was partly because of the timing. "April is earlier than we would normally do an event like this. We're just now seeing things picking up. Last month was one of our best months, and I think that was due to the postcards-it was just a little bit of a delayed reaction."
Even though the event didn't generate a large response from consumers, a regional vice president of GM called Parrish to congratulate and thank the credit union for its support of GM and Invest in America and find out what other marketing efforts Perfect Circle was planning.
"It was really cool just to be recognized," Parrish said about receiving the phone call.
Parrish is planning another direct-mail marketing effort to bring attention to Invest in America and a new law that was recently passed referred to as the Cash for Clunkers bill.
The bill provides government incentives of $3,500 to $4,500 for consumers who trade in their car for a new, more fuel-efficient vehicle.
"I put in my information and between Cash for Clunkers and Invest in America. It reported that I could save $7,000. Our mailer will be a 'Did you know?' informative card that will provide facts on the two programs and how they can be combined," Parrish said.
GrooveCar Inc., a credit union auto buying program in Hauppauge, N.Y., is also helping to direct members to the Cash for Clunkers program through its Web site. The site, www.groovecar.com, depicts numerous scenarios to help members sort through their options and has online tutorials explaining how to determine eligibility for the program. The site also lists new vehicles that qualify for the program and their respective voucher amounts.
One of the biggest hurdles Perfect Circle is facing right now in auto lending is getting members to opt for a new car over a used car, Parrish said. "It's hard with the economy. So many people want to buy used because you can get a three-year used vehicle for the price you used to pay for a 10-year used vehicle."
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