Insight
Every year the Banco Popular in the Dominican Republic makes its annual autofair that consists in special loans for brand new vehicle. The fair launches in December but the loans programme lasts till mid January.
Due to the financial crisis the bank created its lowest loans in its recent history making a brand new vehicle possible for more people even in these difficult times. The problem is that car prices are always published in their totality, making them feel unreachable. This wanted to show how cheap it was buying a new car using the fair new loans.
Strategy
Banco Popular wanted to show how cheap it was buying a new car using the fair new loans, for this it divided car prices in monthly fees. The bank used other brands to push its message and interacted with people in their normal day to day purchases to show how affordable was buying a new car. In other words: a simple everyday purchase could be a new vehicle.
Execution
Car prices were divided into monthly fees and negotiated with stores that included supermarkets, electronic and department stores to use their receipts by programming their cash registers to print under the total purchase price a list of the car models they could buy, paying the same amount monthly. The list included pictures of the vehicles, the model name, brand and monthly fee. Depending on your total you would get different vehicles options demonstrating that everyday purchases could be a new vehicle.
Results
More than 300 cash registers were programmed during the Black Friday and the Christmas sales season. The idea expanded through free press (radio, print media and TV shows) and social media. Thanks to this and other actions, the Autoferia Popular 2013 moved more than two billion Dominican Pesos ($23m) in vehicle loans, a 50% increase over the last year's sales, creating happier vehicle owners across the country.