Auto loans (Image: Shutterstock).

Over the past few years, we’ve seen credit unions’ share of the auto finance market decline, while captives’ have steadily increased – mostly a result of strong incentives offered at the beginning of the pandemic. That said, it seems the tables turned in the first quarter.

According to Experian’s “State of the Automotive Finance Market Report: Q1 2022,” credit unions experienced their highest total market share in five years – reaching 22.06% in Q1 2022, up from 18.55% in Q1 2021. This is significant growth for credit unions, considering their market share has been declining over the last few years, going from 21.15% in Q1 2018, to 20.21% in Q1 2019 and 19.28% in Q1 2020.

Dig Deeper

 

Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times

Copyright © 2022 ALM Global, LLC. All Rights Reserved.