Make the Most of Online Auto Loan Leads

We know, it’s easy to follow up with those member service phone calls or walk-ins that ask about your credit union’s auto loan rates or prequalification. But are you equally thorough with the leads your credit union may get via email or social media? If you can’t answer yes to that question, then chances are you’re letting some valuable auto loan leads slip through your fingers.

One good reason to pay more attention to your credit union’s online interactions? A study from AutoTrader.com found that 60% of Gen Y respondents would rather apply for auto loans online. The survey, called "The Next Generation Car Buyer," also concluded that Gen Y now views dealerships as a place to mainly do research when car shopping.

Another reason to focus more on online loan leads comes from the auto dealers themselves. Most have discovered the hard way that online car shoppers are looking for same day responses when they contact a dealer. Don’t make the mistake of assuming those emails or posts are from unqualified or unserious buyers. In fact, studies show that Internet leads account for around 20% of all auto sales in the U.S.

One study that looked into how 125 dealerships handled 15,000 online leads discovered that shoppers who received replies within 10 minutes were three times more likely to visit a store than those who received a slower response. Waiting more than 20 minutes garnered the same results as if the dealer had waiting 24 hours before reaching out. And needless to say, reaching out with a phone call is always going to be more effective than just shooting off a quick email.

Wondering what your credit union can do to better tap into online loan leads? The Credit Union Member Discount from GM offers real-time auto loan leads when credit union members request a discount authorization code online. This helps your credit union’s auto loan department get a jump on the competition.  Click here to learn more about the Credit Union Member Discount from GM.