During the first six months of 2013, Enterprise Car Sales said it generated $224 million in loan volume to more than 12,000 credit union members.
In first quarter 2012, credit unions had 16.7% market share compared to 15.5% for finance companies, 10.7% at buy here/pay here lots.
Demand for new cars and light trucks pushed auto loan originations to $69.6 billion in January and February, most since 2009.
Henderson, Nev., facility has showroom that can accommodate up to 200 vehicles and is nearly 10 times the size of its predecessor.
Interest rates may not be as important as response to potential borrower. (Check out the graphic at the bottom!)
Vehicle loan portfolio expansion continues to be the driving force behind credit union loan growth, CUNA Mutual Group says.
A sustained demand for new cars has helped Autoland Inc. post positive earnings through August, the auto buying CUSO said.
Just a year ago, credit unions were in the midst of a 2.3% contraction within their auto loan portfolios. Not anymore.
Continuing a year-long trend, sales of new cars and trucks showed a strong rebound in August.
The sharks are circling as banks eye boosting their share of car loans. Get the story in this preview from next week's print edition.