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Credit Unions Capture Majority of Q3 2022 Auto Market Share

Credit unions have become the auto financier of choice for consumers, according to Experian research.

By Melinda Zabritski | February 21, 2023 at 02:10 PM
Auto loans (Image: Shutterstock).

The automotive finance market is dynamic, and data in the third quarter of 2022 showed us this again. Credit unions have become the auto financier of choice for consumers: Experian’s “State of the Automotive Finance Market Report: Q3 2022” found that credit unions snagged the largest overall market share, making up 28.44%, from 20.21% in Q3 2021.

It’s noteworthy that credit unions surpassed captives and banks for the first time in history – with captives decreasing from 26.64% to 21.89% year-over-year, and banks going from 32.51% in Q3 2021 to 27.32% this quarter.

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