AutoLine is a service provider for credit unions and auto dealerships to secure direct lending financing, innovative auto loan payments, and drive revenue growth through incentivized customer rewards.
Credit Union Direct Lending with AutoCash:
The Bad News: The business of auto financing is competitive; credit unions face loan funding risk even when their customers (members) contact them prior to the vehicle purchase. The reason is that dealers offer one-stop shopping that includes the vehicle sale and a variety of financing vendors. On top of this fact, the dealer F&I manager can pocket a financing reserve for extra revenue simply by “taking” the credit union auto loan from the car buyer.
The Good News: Direct auto financing means the credit union has the advantage of timing. For example, a $1,000 manufacture rebate is ignored unless “timing” is spot-on. Timing is perfect when the members contact the credit union prior to vehicle purchase. Frontline offers the AutoCash $50 dealer shopping certificate. The member visits any participating dealer, select the perfect vehicle, and turns-in the coupon at the dealer.
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The Process: Frontline staff offer members a $50 dealer shopping coupon. The member presents it to a participating dealership's F&I manager, who submits the gift request to AutoLine for fulfillment.
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The Reward: The member receives a $50 Amazon gift code within 24 hours. Frontline also receives a $25 Amazon gift code as well.
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The Win-Win-Win: Dealerships gain credit union floor traffic referrals, members get rewarded, and credit union retains auto financing, by reducing loan funding risk.
Credit Union Equity Balloon Loan:
The Bad News: Loan terms are getting longer. Since the pandemic, new car prices are at an all-time high making monthly payments out-of-reach for most new-car buyers… unless they extend the loan term from 60 month to 72, 84, or 96 month terms!
The Good News: AutoLine has an exclusive new product for the new car buyers called “Equity Balloon Loan”. The difference between traditional leasing and equity balloon loans are (1) title in the customer’s name, (2) Loan terms up to 84 months (3) Residual loan balance is 50% below the vehicle projected market value – based on normal mileage and condition. The result is affordable new vehicle ownership and equity! Best of all, the member can end the term anytime with simple interest credit union loan – especially 24 months prior to loan maturity when the depreciation and vehicle value converge.
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Exclusive indirect loan tool. Want to make your dealer F&I managers happy? Offer the Equity Balloon Loan and your dealers will LOVE the credit union as the exclusive financing vendor for new car buyers on a budget!
Be Back Customer Survey:
Bad News: Showroom floor traffic is the life blood of a successful dealer when the closing rate meets target numbers but suffers when customer leave the showroom prior to a purchase – most times never to return.
Good News: Timing is critical for this be-back process. Prior to departure, the sales rep asks the customer “Would you like a $25 Amazon gift in exchange for a survey about your visit with me today?” Most customers say “Yes” and the process begins:
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Customer signs the paper coupon gift authorization including how they would like to receive the $25 gift link – by text or email.
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The customer leaves with the paper coupon in-hand, expecting the email/text within 24 hours to be completed at the comfort of home.
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After the survey is completed, the customer receives the $25 gift, and the dealer receives the be-back survey by email.
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Sales rep follow-up is now about the survey data and to address the concerns and/or issues to get a new appointment and opportunity to close the sale.
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For back-up, the dealer BDC manger is copied on the survey email – so the follow up process can continue by leveraging the data.
AutoLine sends the dealer BDC and/or sales manager a biweekly report that requires an update on each survey such as a (1) sale, (2), no sale, or (3) appointment. This report allows the dealer to monitor the results and present a bee-back trophy to the end-of-month winner to create competition, buy-in, and revenue!
At AutoLine we are pleased to present, train and manage these innovative tools for the mutual benefit of our customers. Schedule a Teams or in person meeting today.
What is the downside?
Thanks for your attention.
Clint Papesch
President
