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5 minutes Is your institution adjusting its approach to the requirements of modern lending? In March 2022, the first of 11 consecutive rate increases by the Federal Reserve reawakened scrutiny on lending. As inflation has remained stubbornly high and consumers savings from COVID-19 have evaporated, focus has rightly shifted to the ongoing ability of consumers to service their existing debt and take on new loans.
The way the world buys and sells vehicles is changing. In keeping with how consumers shop online, they have grown accustomed to the convenience and speed of buying things with just a few clicks, and feel that they can trust the process. In fact, an increasing number of consumers are ready to see these online experiences extend to car buying, with 80% saying they want at least part of their vehicle purchase online*. But are dealerships ready and equipped to make this happen?
The exceptionally large millennial group coming of age marks a key moment, as companies scramble to serve them—and get their business. In this environment, credit unions are truly poised to thrive. Here are four key things to consider. Millennials seek counsel. Even more than previous generations, millennial consumers ask for advice when considering options, especially major decisions like getting a car or buying a home.
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