Due to the economic slow down and escalating gas prices, scooter sales have increased 25% over the last year. To cash in on this new trend, Evergreen credit union held a one-day event where members could get a scooter loan at 3.99%. There are many benefits for banks & CUs if they create an offer like this.
Tony M.
If any credit unions get into this (which I think is awesome), make sure you do your PR due diligence.
Scoot! magazine is a mag for scooter enthusiasts and would be a great point of contact. Also doing a promo/contest with the high schools and colleges would be great.
Maybe hooking up with a local auto paint shop as a sponsor to give away a free custom paint job to one of the people who sign up for a loan (a black vespa with flames sounds awesome).
But dont forget retirees that might want to slap one of those bad boys on the back of their RV.
Just a few thoughts :)
Lisa R.
Ooh, Tony, great responses! Those are some fantastic ideas, and I hope people use them if they go down this road.
Mike T.
Just like hybrid car loan promotions, using scooter popularity to push loan growth is a great idea. And, with a name like Evergreen, they’ve definitely got the brand that could support a green message.
It might be interesting for Evergreen to continue the promotion beyond the one day event and try to dig deeper into targeting members for loans. Like Tony mentioned, it’s also a great opportunity for press for the CU.
Tony M.
Mike, I really like the idea of making the scooter loans a Saturday function. It is a little limiting but hang in there with me.
Getting a scooter representative to show up and having a parking lot full of scooters is an awesome spectacle. Also bringing bagels, coffee and donuts into the branch to host “Group Rides” for the local scooter clubs is easier on a Saturday (in most urban areas). This also creates awareness on the streets if you can get people in the front and back of the “Pack” to wear CU branded shirts.
I dont ride a scooter myself but I like how they look and I love the people who ride them because they really get into them and are scooter evangelists – which you can harness to create CU evangelists.
I think they key is to offer that excellent rate to the Saturday participants. The regular daily rate would be a little higher. That way you are not excluding anyone during the week but you are promoting a community by getting these folks together. And I am pretty sure that you could get the local scooter shop to foot the bill for the whole party.
Just my thoughts :)
Dave K.
The handy thing about scooters is that they are easy to transport – at least in comparison to cars. A promotional event could be held most anywhere.
If I walked into my bank’s lobby and saw a scooter right there with a loan option, I would definitely take note.
Lisa R.
Dave – Ever since I posted this article a few weeks ago, I’ve been continuously thinking about getting a scooter. It’s probably not a feasible idea right now, but man, it’d be awesome…