While dealers grapple with new and better ways to advance the customer experience and build loyalty, one effective, often-overlooked way is through local credit union (CU) relationships.
A powerful third-party endorsement—a recommendation from someone other than the vehicle manufacturer or sales force that believes in their products and services—helps dealers build the trust that leads to customer loyalty in a competitive market. That’s where credit unions come in.
The basis for a credit union’s ability to provide such an endorsement lies in the relationship that CUs share with their members. Members are extremely loyal to their credit union because, unlike banks, CUs are locally based and managed—they’re part of the local community. And unlike banks, credit unions exist solely to serve their members.
Build trust and loyalty
Credit union partnerships pay dividends to dealers in terms of CU member/customer loyalty. For example, America First Credit Union of Riverdale, Utah, the seventh-largest credit union in the nation, partners with 375 dealers in Utah and Nevada to help its 736,000 members get financing when they’re ready to purchase vehicles.
America First values member feedback, and surveys each member after purchasing a vehicle from one of its dealer partners, achieving an impressive 11% response rate. The survey focuses on the member’s buying experience at the dealership, then the information is shared with the dealer. Dealers find tremendous value in this, and use the feedback to help refine their approach to the buying experience, and further advance member/customer loyalty.
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Dealer Marketing Magazine