Credit Unions’ Auto Market Share Hits All-Time High

Despite all the challenges associated with buying a car right now, more consumers than ever are turning to credit unions for auto loans.

 
 

Supply-chain constraints, a microchip shortage and high demand have resulted in one of the most difficult car-buying markets in years. The good news for credit unions is that they have gained market share in newly granted auto loan originations year-to-date. Credit unions closed out the first quarter with just over 21% of the total auto loan origination market so far in 2022, nearly seven percentage points higher than where things stood a decade ago – and an all-time high for the industry. Credit unions hold an outsized share of the auto market compared to performance in first mortgage and revolving consumer debt, two other bread-and-butter loan categories for the industry.

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CREDIT UNION MARKET SHARE BY PRODUCT

FOR U.S. CREDIT UNIONS | DATA AS OF 03.31.22
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