Warmer Weather Helps Boost Auto Sales and Credit Union Auto Lending Market Share

With spring in the air, car buyers flocked to dealerships to check out the popular new models and over 16% that needed financing went to their credit union for a loan. Credit union auto lending market share in the U.S. rose slightly in March to 16.6%, up from 16.4% in February. Total auto sales were up in the first quarter, outpacing 2003 sales levels by 4%, with 3.9 million new units sold (Ward's AutoInfoBank).

 
 

With spring in the air, car buyers flocked to dealerships to check out the popular new models and over 16% that needed financing went to their credit union for a loan. Credit union auto lending market share in the U.S. rose slightly in March to 16.6%, up from 16.4% in February. Total auto sales were up in the first quarter, outpacing 2003 sales levels by 4%, with 3.9 million new units sold (Ward's AutoInfoBank).

Although the auto financing captives like Ford Motor Credit and GMAC hold the top financing spot in most states, more credit unions are using their indirect lending programs to boost volume and become one of the Top 50 lenders in their state. Below is a list of the states that have the most credit unions in their state's Top 50 auto lenders as of March 2004.

 

 

 

May 3, 2004


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