Auto loans remained credit unions' financial sweet spot for growth in 2016. Over the past year, vehicle loan balances increased by $37.6 billion (14.3%), beating mortgages as the leading source of growth. All indicators point to auto loan growth remaining stable and a perfect climate that will provide continued opportunities for credit unions to succeed. To take advantage of these strong market conditions and build out auto loan portfolios, here are some tips to jump start the process.

Identify sources of auto loan growth. Your credit union can draw members' attention through many channels. From utilizing traditional traffic coming into the branches, digital traffic online, cross-marketing, preferred dealer networks and auto leasing, many fruitful resources exist to take advantage of. But often, we spend time promoting a message that really doesn't hit the mark. Don't assume you know what they need. Instead, look around at what you offer and position it better. In addition, make sure you are using all the marketing channels you have at your disposal and do so effectively.

Know your member. Providing great rates may not translate with many members of your audience. Step back and look at the message of “great rate.” Why should they do business with you? For instance, you can teach them how to get into a vehicle or take out a mortgage. Walk them through the steps, educate them, provide real-life numbers and tell them how your credit union is different. Take for instance that 92% of millennials choose their financial institution based on its digital services. By promoting the rate, you may not reach this market, so it's important to give them what they want. The goal is to attract and serve.