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Opportunity Exists for Credit Unions in Evolving Automotive Market

The key to growth lies in digging into the data and trends, and leveraging them to expand market share and encourage growth.

By Melinda Zabritski | April 16, 2021 at 09:00 AM
handing out an auto loan Source: Shutterstock.

For the past year, the automotive market has been unpredictable, evolving and shifting seemingly every month. And while the industry is starting to experience the positive effects of a slow rebound, the market still remains fluid. Despite this, many industry players, including lenders, have an opportunity to continue to move further along the road to recovery; they just need to stay close to the trends.

Through the challenges of the past year, perhaps the most notable trend was that captives were the only lender that managed to maintain, and even grow, their market share; this was namely driven by a shift back to new vehicles. With competitive incentive programs and a decrease in used vehicle inventory, captives were well-positioned for success.

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