PenFed auto marketing campaign promotes its open charter

Pentagon Federal Credit Union is doubling down on marketing initiatives its auto product designed to promote low financing rates and bring further awareness its open charter, which allows anyone to join the credit union, even without military ties. PenFed will be giving away $20,000 toward a car loan to existing members with auto loans or new auto loans originated from Dec. 1, 2020 to Jan. 31, 2021, when the sweepstakes ends. The sweepstakes is part of a larger marketing campaign the credit union launched at the end of November called "PenFed saves you money.” The campaign promotes low-interest rates and open member enrollment, Chief Marketing Officer Gaurav Bhatia told Auto Finance News . “It's very important that, being a credit union, we really take into account the financial well-being of our members,” Bhatia said. “That's kind of been our kind of genesis for this promotion.” “You’re never going to compete with a captive, because captives at this point in time are going to give [consumers] 0% financing,” Bhatia explained. “But people in our community will get equally compelling rates. [Bringing awareness to that] has been the strategy for our auto portfolio.” PenFed is offering rates as low as 1.39% for 36 months on new vehicles for qualified borrowers, according to the advertisement. With the campaign, the credit union is also looking to grow its member base — which currently clocks in at 2.1 million members, Bhatia said. “Even though we build the products for the military and defense community, anyone can join PenFed. The goal is to save money, but we also see it as an opportunity to grow. “The intent is essentially saving, but we also get the halo effect in terms of growth, because we drive awareness of the product and then people say, ‘Wow, I can join the credit union and I don’t have to be a part of [its member base],’” Bhatia said. The official launch of “PenFed saves you money” campaign comes on the heels of a $250 auto refinance promotion the credit union ran in the summer to provide financial flexibility to its members in response to COVID-19. The refi promotion was well received by members, although PenFed did not provide specific engagement figures by press time. The campaign is promoted through the credit union’s member base via email and social media channels, and nationwide over TV, radio and digital avenues, according to a release, with an emphasis on Texas, Washington, D.C., and other key markets, Bhatia said. PenFed secured an open charter at the beginning of 2019, when it acquired Progressive Credit Union . PenFed had $3.5 billion in auto loans outstanding at yearend 2019, according to Big Wheels Auto Finance Data , and originated $1.6 billion in loans that same year. Watch PenFed's auto spot here.

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