eBook: Driving Dealer Vehicle Sales Through Credit Union Financing
The past few years have been a wild ride for the retail automotive industry. From supply chain ups and downs to surging demand for electric vehicles to interest rate hikes – it’s been a whirlwind with few signs of slowing down. CUDL’s latest eBook discusses how dealerships can thrive in these changing market conditions by working with credit union lenders to provide car shoppers with competitive rates, offer more flexible terms, and foster lasting community relationships.
As we’ve seen, inventory is reaching pre-pandemic levels, and consumer demand for vehicles remains high. However, with the average car price hovering at more than $45,000, vehicle ownership has become more expensive than ever. This is especially true for buyers of EVs, as they are more expensive than gas-powered vehicles. As a result, buyers need financing to afford the ballooning cost of a new car or truck.
The challenge is that many traditional lenders, including banks, have scaled back or cut auto lending due to a liquidity crunch. Higher vehicle prices layered with climbing interest rates and tighter lending practices are challenging potential buyers. A few key strategy shifts to your lender portfolio can make a large-scale, lasting impact on the overall success of your dealership. Learn how the right partners can help inventory gain more exposure and allow customers to access more competitive loan rates, affordable monthly payments, enhanced loan decisioning, efficient funding, and more.
Steer your borrowers through today’s economic headwinds and position your dealership to weather future market shake-ups and industry trends. The secret is to cultivate a broad lender portfolio. Help a wide spectrum of borrowers find lenders that check all the boxes – those that are willing to lend, offer more affordable payments, and are considerate of unique financing circumstances.
Download the latest eBook to learn how your dealership can leverage these unique opportunities to connect shoppers with flexible loan terms and competitive interest rates while building valuable relationships within local communities