Enterprise Car Sales aligns customized promotions with member buying habits and CU loan discount rates throughout the year
ISELIN, NJ (February 7, 2013) – Well before Hurricane Sandy ever blew ashore, both large and small credit unions in the Northeast that partner with Enterprise Car Sales already were experiencing significant increases in used car loan volume.
With strong results from frequent special promotions, reduced loan rates tied to Enterprise vehicles and increasing used car inventories, Enterprise Car Sales in 2012 generated nearly $10 million in used auto loans for Municipal Credit Union and $1.4 million in used auto loans for Liberty Savings Federal Credit Union, which has a much smaller membership base. The bulk of increases in loan volume for used cars at Municipal and Liberty took place prior to the October 25 hurricane which damaged thousands of cars in the region that needed to be replaced.
Enterprise’s ability to customize programs geared to member buying habits – not only for each credit union, but also for their individual branches – was a major factor. “Enterprise functions as a strategic business partner with our entire organization,” said Ahmed Campbell, Vice President of Loan Operations at Municipal Credit Union, which has worked with Enterprise for more than six years. “In addition to developing an annual plan, Enterprise continues to make monthly adjustments in accordance with our members’ buying habits and current loan rates.”
For example, Campbell said, “Some of our members may be mostly interested in price and value, other members may be focused on purchasing hybrids and other fuel-efficient vehicles, and another segment of our membership may be in the market for luxury vehicles. So, Enterprise takes the time to understand who our members are and works with our employees to tailor programs to meet member needs, such as special Saturday on-site sales events.”
According to Michael Kopp, business development manager for Enterprise Car Sales in New York, New Jersey and Connecticut, Enterprise Car Sales’ ability to work with credit unions of all sizes while customizing an annual strategic plan for each credit union to increase used auto loan volume is key.
Enterprise’s strong partnership with credit unions was also exemplified in the aftermath of Hurricane Sandy as Enterprise Car Sales and Municipal Credit Union teamed up to assist more than 60 members in purchasing their next vehicles through a special Sandy relief loan program.
“True to our ongoing commitment to local communities where we do business, Enterprise strives to provide assistance, especially in times of crisis,” said Kopp.
Kopp added that Enterprise Car Sales anticipates that demand for great quality used cars at great prices will continue to drive used car loan increases at credit unions. “Members appreciate Enterprise Car Sales’ offering trade-in values that are consistent with Kelley Blue Book, as well as Enterprise’s ‘Perfect Used Car Package’,” said Kopp. “In addition to a 12-month/12,000 mile limited powertrain warranty for every used car purchased, Enterprise’s advantages include our trademark no-haggle pricing, which eliminates the negotiating aspect of car buying; a guaranteed seven-day or 1,000 mile repurchase policy; a 109-point inspection performed by an ASE-certified technician; and roadside assistance for one year.”
About Enterprise Car Sales
Enterprise Car Sales, which has sold more than one million used cars, has more than 130 U.S. locations. Its tailored used-car buying programs create opportunities for credit unions to increase their used-car loan portfolio and optimize member loyalty. As a result of partnering with credit unions during the past 30 years, Enterprise Car Sales has helped generate almost $10 billion in loan volume for more than a thousand credit unions nationwide.
For more information about how Enterprise Car Sales partners with credit unions, visit http://www.enterprisecarsales.com/perfectpartnership or e-mail Brooke Gilchrist at brooke.gilchrist@enterprisecarsales.com.