Last month, Tesla Motors announced the D, and, in their words, “something else”. No, it was not a hovering car. Nor did they add rocket boosters onto the side. Well, actually…
Turns out, the D was a dual-motor, all-wheel-drive version of the Model S. And the “something else” was an Autopilot system.
Not bad. They made incremental improvements to their existing products. Or, did they take their current line to a new level?
Alongside the improved handling an AWD vehicle provides, the D system adds a second “engine” and nearly doubles the horsepower. With a 0-60 performance of 3.2 seconds, it becomes a super-car, and the fastest 4-door vehicle ever. Oh, and those dual motors improve range as well. Then, the Autopilot system can handle up to 90% of highway driving, on its own.
Faster, safer, more efficient. I guess you really can have your cake and, well, you know the rest.
We speak to a lot of credit unions. Every one wants to attract their members to more services while growing their membership. They’ll welcome that growth within a range of products. Credit cards? We have low rates! Mortgage? Easy filing and rate guarantees. Car loans? Set up auto-pay and we’ll deduct a few basis points.
Think about the Tesla approach. Sure, they have the Model X on the horizon, and a Model 3 a year or so following, but right now, they are laser-focused on the Model S. “But Joe, they only have one product right now, so of course they would be focused!”
You’re right. So why can’t you do the same within the CU? Offer your range of services, then choose one each quarter to super-charge. How can you add the “D” for mortgages? Credit cards?
With our partners, we focus solely on auto loan growth. It helps them extract the best of their program, expertise, and goals into a focused campaign. They’re not reinventing auto loans, just doubling their horsepower.
If only we all had an Autopilot feature for running the institution.