Mark Rappaport
President
Simplicity Division
EFG Companies
You’re sitting in a dark movie theater, watching a suspenseful film. Tensions build as an ominous drumbeat signals danger. Is the danger real or a figment of your imagination?
The credit union industry might be hearing a drumbeat, but is it real?
After steadily gaining auto finance share over the past eight years, credit unions lost market share in the first quarter, according to Experian’s latest State of the Automotive Finance Market Report. Market share for credit unions dipped 1.4 percentage points to 19.9%, down from 21.3% in the first quarter of 2018.
The drop was largely driven by declines in used-car financing, where market share fell to 26% from 28% in first-quarter 2018. Even in new-vehicle financing, credit unions’ share dipped to 12.4% from 13.5% the previous year.