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5 Ways to Jump Start Your Auto Loan Growth

Take advantage of strong market conditions and build out your auto loan portfolio.

By Robert O'Hara | Updated on March 24, 2017

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.

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