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June 15, 2017

A.C.: How CUs can step into consumers' auto-buying process

Credit union attendees at NAFCU's Annual Conference Thursday were encouraged to step into their members' car-buying process to make the event more satisfying and trustworthy during a session led by Bernie Brenner, co-founder and chief strategy officer at TrueCar.

He delivered data and research on auto lending, which revealed two key drivers on a consumers' car-shopping journey: comparison shopping and the "trust gap." He said the overall car-buying experience creates a lot of opportunity for consumers and credit unions, but also presents a lot of challenges.

On the trust gap, Brenner noted that the No. 1 trusted position as rated by consumers is their personal doctor. At the very bottom of the list are politicians. He also noted that bumping up right above politicians are new- and used-car dealers. While dealerships are working on this, he said this trust gap is an issue.

He told credit unions that if they're doing indirect loans through a dealer that can be helpful, because their institutions are so trusted.

He also explained consumers' car-buying journey, saying most people spend one to three months in the market and only slightly more than half of buyers know the category of vehicle they want, such as an SUV or sedan, which means consumers have to do a lot of research.

He pointed out that the average person shopping for a vehicle visits at least 17 websites in their process.

He added that the fact that there is so much information out there makes it difficult to find what they're looking for. Mostly, he said, it is difficult for consumers to work out the exact cost of owning a vehicle, including total monthly costs, fuel, titles and registration. Brenner said this is a big area where credit unions can step in and help.

Brenner also led a more in-depth session on Thursday, which included Q&A, for credit union executives.

NAFCU's Annual Conference runs through today; follow the #NAFCUAnnual hashtag for the latest information on the conference.

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