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.

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