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CU auto lending: Wake up, it’s not “your daddy’s Oldsmobile” anymore!

first_imgAND contactless curbside as well as home vehicle delivery are now commonplace.  In this environment there’s less room for CU auto loan engagement so it is a “must” to engage members when they first begin the vehicle research process.Your members are spending 10-12 hours online researching and shopping before they buy a vehicle and if it’s not on your website’s Digital Car Buying Portal, out of view of the internet “cookies”, they’ll be bombarded with EZ finance and auto loan offers from internet marketers and BIG banks with their sophisticated digital solutions.Even if you do indirect auto lending, don’t turn a blind eye to the use of technology. Dealers and internet marketers are all using the newest digital solutions including data mining, cookies, SEO, AI, chatbots and more and if you don’t “get in the game”, you will lose whatever mojo you thought you had. You now can integrate direct and indirect auto in your auto lending solution, maximizing both channels’ performance.So the question to ask your Team is: Is your auto lending trending toward the Oldsmobile, Blockbuster and Sears model where your view is through the rear view mirror, or are you on the Amazon, Apple, Google path embracing technology, thinking strategically and charting your course? You must question your auto lending strategy and approach in your planning sessions as Digital Car Buying is here to stay. Are you one that makes things happen, watches things happen or wonders what happened?As busy financial institution professionals, it’s understandable that most wouldn’t stay abreast of the auto industry and how technology is rapidly changing the car buying experience. Do yourself and your members a favor and seek help from solutions partners that understand the new auto lending paradigm and digital and marketing landscape. A CU is the only one in the auto vertical with members’ best interest at heart … people helping people! After a storied 107 year history, including a whimsical song, “In My Merry Oldsmobile” where Johnny Steele courted his girl, Lucille, in his new Oldsmobile, the brand fell to the ash heap in 2004.  For Oldsmobile, they lost their MoJo as technology, consumer preferences and the auto industry were passing them by.And more recently, companies like Blockbuster, Circuit City and Sears lost their MoJo and slipped into oblivion based, in large part, on lack of strategic thinking, foresight, technology and once again, consumer habits and preferences.  As an aside, in 1999 Blockbuster turned down the opportunity to buy Netflix for about $50 million, .00023 of Netflix’s current market value of $220 billion, and we all know the rest of that story.  Hindsight is 20/20 but strategic thinking is luminous, shining the light on what can, might or will be.So why do I bring this up?It’s all about the “thinking”, pondering the what ifs, developing strategy, executing and taking action, sometimes boldly, that these companies lacked. Unfortunately, lack of strategic thinking, especially as it relates to technology, will put more CU’s in the merger column or out of business than anything else.So how does this relate to auto lending?If you thought auto dealers and internet marketers were out-maneuvering you in the auto vertical prior to COVID-19, you were right!And if you think COVID-19 is a wakeup call for the use of technology and digital in car buying and finance, you are right … Dealers had no choice but to further embrace digital!71% of consumers NOW say they want to complete some, if not all, of their auto buying/financing online … and THIS IS A BIG DEAL!  Blockbuster and Sears shareholders, did you hear that?So what are you doing differently in your auto lending TODAY to adapt to the “newest” digital paradigm shift in auto lending?  HINT:  Car buying doesn’t start at the LOAN, it starts with online research, hopefully on your CU website’s Digital Car Buying Portal!Here’s some facts to consider as you plan your auto lending future.  Unfortunately all these lead to reduced CU auto lending volume, unless you act to mitigate … online and digital is the future.NADA projects new vehicle sales in 2020 will be down 20-25%, compared with 2019 salesThree of the largest online vehicle sellers have invested billions of dollars in online research, selling and financing digital technologies and every brick and mortar dealer is following suit:Carvana has invested $2 billion in their digital solutions and their market value now equals the #2 auto manufacturer’s (Ford) market valueVroom has invested about $1 billion in their digital solutionsCarmax has invested over $300 million in their digital platformThousands of new car dealers are investing heavily in advanced digital solutions 15SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr,Ed Bourgeois Ed Bourgeois is a founder and CEO of Auto Link, a CU-Centric Technology and Marketing Solution that helps CU’s stay relevant, compete and win in the competitive auto vertical … Web: https://bookmoreautoloans.com Detailslast_img read more

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I Will Deliver Nigeria’s First Gold, Kehinde Pledges

first_imgOut here though, Kehinde is facing difficulties because of the logging of so many weights together to fight for the weight.  ‘’I’m ready and focussed but I want to lose weight so as not to be knocked out by those whose body  weights are smaller than mine. I promise to deliver Nigeria with a gold and also a world record’’, he pledged as his competition begins on Wednesday.Share this:FacebookRedditTwitterPrintPinterestEmailWhatsAppSkypeLinkedInTumblrPocketTelegram As Nigerians look anxiously to the day the country’s national anthem would be played at the ongoing Commonwealth Games in Gold Coast as a sign that a gold medal has been won, one Paralympic athlete, Paul Kehinde has anointed himself as the one to end the anxious wait.Kehinde competes in the Powerlifting 65 kg but has to contend with body weights from 49 to 72 who are equally eyeing the gold in that category.The secret to a podium performance is not only dependent on what you lift but mostly determined  by the athletes body weight. The lower you weigh, the better chances you have in overtaking those you tie with in the weights lifted.‘’I’m focused. There is no problem here in the Village. The only problem that I have is focusing on the gold medal. And for me to strike gold, I have to lose weight not to be surprised by those weighing less than me’’, Kehinde said after a strenuous exercise that spanned hours aimed at keeping in shape for the D’ Day.Kehinde may look harmless but his credentials and the number of World Records he has crashed speaks for him.“Every competition he attends, he breaks World Records’’ national Paralympic Coach, Are Feyisetan said, concurring that his athlete  was  a gold material.Kehinde smashed the World records in Rio Brazil for the Olympics where his amazing lift of 220kg could not be attempted by other athletes. In Mexico at the World Championships, Kehinde shattered his own World record with 221kg lift. He did not stop there. At the World Cup and Olympic qualifiers in Dubai in February, Kehinde went for 222kg lift. The World looked in amazement and he powered the lift to the sky and held it up until the mandatory counts to make history again.last_img read more

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