Auto sales hit a high for the year in July, with a seasonally adjusted
annual rate of 17.3 million vehicles. However, sales actually fell
from last July when carmakers brought back 0% financing offers and
sales reached an annual rate of 18.1 million.
In the face of huge incentives and 0% financing, the nation's credit
unions still managed to boost their auto lending market share to
over 16%. June 2003 data on 29 states show credit unions taking
11.9% of all new auto loans and a substantial 19.9% of all used
auto loans, putting their overall loan share at 16.3%.
Colorado remained the top credit union auto lending state with
a huge 32% share. In the state, nearly 40% of all used auto loans
were originated by credit unions in June, led by Bellco CU, Security
Services FCU, and Public Service CU who each made over 500 of the
states 14,700 total used loans. The data, from the 29 states covered
by AutoCount USA show Minnesota, Iowa, Montana, and Washington rounding
out the top five states in overall market share, which includes