28 Aug CU Division: The Auto Financing Landscape: A Race Against Time (and how PR helps)

The Auto Financing Landscape: A Race Against Time (and how PR helps)

When someone decides to purchase a new vehicle, the auto financing process often unfolds quickly. They might visit a dealership, and even make a decision in a matter of hours or days. For credit unions, this presents a unique opportunity: to make sure they are a familiar and trusted name by the time the member is ready to finalize their auto loan.

What we know: A credit union’s relationship with auto dealerships can be a major asset in this scenario. By forging strong partnerships, credit unions can position themselves as the go-to option for auto financing, helping to ensure that when a member needs financing, your name is top of mind.

What we might not know: There is power in Public Relations in this role…visibility matters. Do people really trust the lending option at their car dealership when they don’t know much about the CU?

In the competitive auto financing market, visibility and reputation are key. Here’s how a robust public relations strategy can convert to a customer on the fence into your newest CU member:

1. Build Trust Before the Need Arises: Effective PR helps build and maintain a positive reputation long before a customer walks through the auto dealership’s door. By consistently sharing earned news coverage featuring valuable content, member stories, educational resources, and community good-will, credit unions can establish themselves as trusted advisors. When a member is ready to purchase a vehicle, they are more likely to turn to a credit union they already know and trust by seeing them on the news and online.

2. Highlight Your Partnerships: Showcasing the partnerships CU’s have with auto dealers through PR channels can enhance your credibility and increase awareness. When members see that your credit union is well-integrated with trusted auto dealerships, it reassures them of a smoother, more seamless financing process.

3. Create a Seamless Experience: A well-executed PR strategy helps create a narrative around your credit union’s services. When members are familiar with your offerings and understand how you can facilitate their auto financing needs, the process becomes more streamlined. This familiarity can lead to quicker decisions and a more efficient financing experience.

4. Address Concerns Proactively: Effective PR also involves addressing common concerns and questions potential members might have. By providing clear, accessible information about the auto financing process, terms, and benefits, you can reduce uncertainty and build confidence. This proactive approach ensures that members feel informed and prepared when they approach you for financing.

5. Leverage Testimonials: Sharing testimonials from satisfied members who have successfully navigated the auto financing process with your credit union can be powerful. These stories provide social proof and demonstrate real-world success, further enhancing your credibility and appeal.

When your CU is partnered with auto dealerships, every minute truly does count. By implementing a strong public relations strategy, your credit union can ensure that it is a familiar, trusted name when members are ready to purchase a vehicle. Building and maintaining visibility through effective PR not only enhances your reputation but also facilitates a smoother, more efficient financing process. Ensure your next member knows who you are and how you can make their auto financing experience a success.