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Driving deeper into "Auto Loan Month" on Shared Accounts With CU Times, I'm joined by President/CEO Michael Powers at Garden Savings Federal Credit Union ($427 million in assets, more than 25,000 members) out in Parsippany, N.J. to get into the auto loan trenches.
Roughly 85% of Garden Savings FCU's auto loan portfolio is made up of used car loans. Powers has an interesting take on creating relationships, not only with members, but with an extensive list of used car dealers in his membership footprint. This relationship building has led to significant growth in the good times, and steady numbers holding during the rocky months of 2023.
Powers and I discuss his auto loan marketing efforts and how his credit union has adjusted to what members want and need over the years. While being realistic about what's ahead in 2024, Powers shares his ideas and thoughts of how he's approaching what could be an incredibly successful auto lending year.
To listen to the previous episode, click here.
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Michael Ogden
Editor-in-Chief at CU Times. To connect, email at [email protected]. As Editor-in-Chief of CU Times since 2016, Michael Ogden has led the editorial team in all aspects of content strategy and execution, including the creation of the publication’s exclusive and proprietary research database of the credit union industry’s economic landscape. Under Michael’s leadership, CU Times has successfully shifted to an all-digital editorial product with new focuses on the payments, fraud, lending and regulatory beats. Most recently, he introduced a data-focused editorial product for subscribers that breaks down credit union issues into hard data, allowing for a deeper and more factual narrative for readers. In 2024, he launched the "Shared Accounts With CU Times" podcast, which offers a fresh, inside-the-newsroom perspective through interviews with leaders from the credit union industry and the regulatory world. He dives into pressing credit union issues, while revealing the personalities working behind-the-scenes to push the credit union world forward. His background includes years as a radio and TV anchor/reporter and a public relations and digital/social media manager, where he covered the food and music industries, as well as cooperatives and credit unions. Over the years, he has launched numerous exclusive video and podcast series, including a successful series of interactive backstage interviews with musicians at music festivals, showcasing his social media and live streaming production skills.
