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The Credit Union Member Discount from GM Satisfaction Survey Report

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Presentation on theme: "The Credit Union Member Discount from GM Satisfaction Survey Report"— Presentation transcript:

1 The Credit Union Member Discount from GM Satisfaction Survey Report

2 Study Methodology An online survey was administered in June 2009 to credit union members who signed up to use the Credit Union Member Discount from GM. All members who requested an authorization code to use the GM discount were invited to participate in the study. Respondents were given approximately two weeks to complete the online survey, 1,912 valid surveys were completed, representing an 8.6% response rate.

3 State Buick Cadillac Chevrolet GMC HUMMER Pontiac Saab Saturn AL 6% 4% 51% 25% 0% AK 74% 11% 5% AZ 10% 35% 45% AR 33% 39% 22% CA 9% 41% 21% 1% CO 7% 14% CT 50% 20% 15% DE 46% 8% 31% DC 100% FL 54% GA 3% 67% HI ID 53% 27% IL 12% 43% IN 40% 16% IA 17% 19% KS 29% KY 13% LA 42% ME 83% MD 2% 18% MA 65% MI 48% MN 37% MS MO 63% MT 78% NE NV 80% NH NJ NM NY NC ND OH 23% OK 57% OR 64% PA RI SC 44% SD TN TX UT VT VA 52% WA WV WI 38% WY 30% Almost half of all respondents (48%) purchased a Chevrolet Brand Vehicle

4 The majority of respondents (74%) purchased their vehicle in the last three months

5 The CU Member Discount from GM is an appealing offer with over 90% of respondents using it to purchase their vehicle

6 State GM Competitive Brand Foreign Brand AL 63% 16% 22% AK 26% 11% AZ 65% 15% 20% AR 67% CA 49% 10% 41% CO 46% 29% 25% CT 55% 30% DE 54% 31% DC 100% 0% FL 8% GA 47% 19% 33% HI ID 73% 13% IL 66% IN 69% 17% 14% IA 58% KS KY 81% 6% LA 64% ME 75% MD 51% 24% MA MI MN 18% MS 7% MO 61% MT 56% NE NV 60% 40% NH NJ 50% NM 5% NY NC 59% 28% ND OH OK 57% OR 36% PA 72% RI SC SD TN TX 27% UT 52% 21% VT VA WA WV WI WY 38% of respondents previously owned a competitive brand vehicle and one-fifth (20%) owned a foreign brand Note: Survey results have been grouped by auto maker

7 State CU Dealer Other AL 2% 75% 24% AK 16% 53% 32% AZ 25% 55% 20% AR 0% 67% 33% CA 9% 68% 23% CO 4% 64% CT 35% 40% DE 8% 77% 15% DC 100% FL 61% GA 17% 69% 14% HI ID 7% 80% 13% IL 76% IN IA 11% KS 5% 48% KY 63% LA 72% 19% ME 42% MD 10% 22% MA 45% 39% MI 12% 51% 37% MN MS MO 54% 29% MT 78% NE NV NH NJ 21% NM NY NC 70% ND 50% OH OK OR 36% PA RI SC 26% SD TN TX UT 3% VT 62% VA 60% WA WV WI WY One-third of respondents learned about the discount from channels other than the dealer

8 State Agreed AL 78% AK 58% AZ 85% AR 83% CA 76% CO 93% CT DE 100% DC FL 90% GA 81% HI 0% ID 87% IL 80% IN IA 72% KS KY LA 89% ME 75% MD MA MI 82% MN 84% MS MO 88% MT NE NV NH NJ 92% NM NY NC 98% ND OH OK 74% OR 79% PA RI SC SD TN TX UT VT VA WA 67% WV WI WY Over 80% agreed that the member discount was very important in their purchase decision Agreed=Strongly Agree + Somewhat Agree

9 Over 85% of respondents have been credit union members for more than a year
State Less than 1 year years 20+ years Don't belong AL 8% 45% 47% 0% AK 5% 37% 11% AZ 15% 70% AR 44% 50% 6% CA 14% 32% 7% CO 25% 54% 18% 4% CT 20% DE 38% 46% DC 100% FL 9% 51% 40% GA 3% HI ID 80% IL 10% 52% 1% IN 59% 31% IA 42% KS 24% 48% KY LA 56% 36% ME 17% 75% MD 16% 39% MA 19% 26% MI 29% 63% MN 35% 43% MS 33% MO 49% MT NE NV NH 60% NJ 21% NM 30% NY 2% NC ND OH OK 13% OR PA RI SC SD 67% TN TX UT VT VA WA WV 27% WI WY

10 State Agreed AL 75% AK 53% AZ 85% AR 78% CA 76% CO 71% CT 90% DE DC 100% FL 87% GA 69% HI ID 73% IL 82% IN 83% IA KS 95% KY 88% LA 86% ME MD MA 77% MI MN MS MO MT NE NV 60% NH 80% NJ NM NY 79% NC 89% ND OH OK 61% OR 64% PA RI SC SD TN TX UT 66% VT 92% VA WA WV WI WY 80% of respondents agreed that the CU Member Discount strengthened the value of their credit union

11 State Bank Credit Union None in particular AL 29% 59% 12% AK 26% 63% 11% AZ 50% 45% 5% AR 33% 17% CA 39% 53% 8% CO 54% 36% CT 55% 35% 10% DE 77% 15% DC 100% 0% FL 34% 62% 3% GA 58% 6% HI ID 73% 20% 7% IL 52% 9% IN 51% IA 47% KS 48% KY 31% LA 44% ME 83% MD 43% 49% MA MI 27% 71% 1% MN 2% MS MO 46% MT NE 67% NV 40% 60% NH 80% NJ 25% 4% NM 30% NY NC 69% ND OH OK OR 57% PA RI SC 56% SD TN TX 37% UT VT VA WA 42% 13% WV WI WY Over half (51%) of respondents consider a credit union to be their primary financial institution

12 State Used CU Used Other N/A AL 51% 47% 2% AK 79% 16% 5% AZ 50% 0% AR 33% 61% 6% CA 42% 57% 1% CO 32% 68% CT 25% 70% DE 8% 92% DC 100% FL 37% GA 53% HI ID 80% 20% IL 43% 56% IN 34% 66% IA 31% 69% KS KY 63% LA 67% ME 58% MD 45% 55% MA 39% MI 46% MN MS 27% 73% MT 44% NE NV NH NJ 13% 88% NM 40% NY 60% NC 24% 74% ND OH 41% OK 65% 26% 9% OR 64% 36% PA 3% RI SC SD TN TX UT 48% 52% VT 54% VA WA WV WI 30% 4% WY 57% of respondents used a source other than their credit union to finance their recent vehicle purchase

13 Demographics Total Gender Male 60% Female 40% Age Group Under 18 0%
Total Gender Male 60% Female 40% Age Group Under 18 0% 2% 10% 17% 27% 29% 65 or older 15% Children in HH Yes 32% No 66% Homeowner 90% vs. Renter Renter 7% Other 4% HH income Under $25,000 $25,000 - $49,999 $50,000 - $99,999 44% $100,000 or more 34% Income Source Less than High School Graduate 1% High School Graduate Some College College Graduate College Postgraduate 20% CU Employee 5% 95%

14 Conclusions The Invest in America brand is effectively driving consumers’ behavior toward buying American when you consider the significant percentage of respondents who previously owned a foreign vehicle The CU member discount is an appealing offer with over 90% utilizing it to purchase their vehicles Credit unions need to be more engaged in this program because they are missing key opportunities for loan volume and wallet share growth While 90% used the CU member discount, less than 50% financed through their credit union and only 50% consider the credit union to be their primary financial institution The survey findings supports key strategies that have been defined for Invest in America Engage key members of the credit union team to take ownership of the program including: sales and service, lending and marketing Support credit unions in more proactively marketing the program by providing free marketing materials and defining marketing requirements Survey the credit unions to better understand how we can support their efforts Communicate more concrete evidence directly to the credit union of how Invest in America can drive volume and wallet share growth and highlight the opportunities that they are missing


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