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Source: Experian

While it may seem like déjà vu, credit unions continued to experience higher growth in the automotive finance market than all other lender types in Q3 2018. Credit unions maintained double-digit growth (12.11%) in lender market share. But, what makes the trend more remarkable is that total automotive loan balances only grew 4.7% from a year ago.

Based on findings from Experian’s latest “State of the Automotive Finance Market” report, the automotive lending industry experienced record growth in Q3 2018 as loan balances reached a record high of $1.174 trillion, up from $1.055 trillion in Q3 2016. But it can be argued that this success can be greatly attributed to the impressive numbers credit unions have been able to achieve in the past few years.

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