BY CAROL CLINE-PARTON
Outreach to Millennials and Higher-Risk Borrowers in the Mix with Call Center Support
Do seesawing auto sales have your credit union in a panic? One credit union is taking some nontraditional approaches to maximizing its lending opportunities. As a result, it is riding the ups and downs. Read on to see exactly what this CU is doing differently.
While 2016 auto sales through May were up and down, the National Automobile Association continues to believe that sales this year are on pace to reach its 2016 forecast of 17.7 million vehicles. Whether the auto sales experts’ projections become a reality or fall short, it’s important for credit unions to maximize any and all opportunities. Especially if sales are soft.
We recently talked to a lending expert with ties to CO-OP Member Center about his credit union’s lending program. David Kelsay, SVP of Lending at Sierra Central Credit Union (www.sierracentral.com) in Yuba City, California with assets of $827 million, says Sierra Central CU has implemented a very successful auto lending strategy. It has accomplished this feat by seeking new lending opportunities and not taking anything for granted.
Even if auto sales nationally do not reach this year’s projections, Kelsay feels confident that Sierra Central’s active marketing and cross-selling programs, coupled with its leading position in the Northern California auto lending market, will result in the CU achieving its goals.
One of the credit union’s key initiatives is to reach out further to Millennials. To that end, Sierra Central CU has a first-time auto buyer program coupled with a promotional campaign to attract more Millennial borrowers, says Kelsay.