As the nation careens down the calendar toward the holidays, a lucky few people will receive cars during this year's festivities. Now is an excellent time to take the temperature of credit unions' auto loan performance on a state level.
The first five columns of the table provide an in-depth look at state trends. Because of the economy, overall auto loan growth is down in most states. Although new auto loans continue to struggle, credit unions are gaining ground in their used auto lending due to a shift in consumer preference toward the lower priced alternative. The sixth column of the table (Total Market Share) outlines loan origination market share. Utah leads the pack with 42.5%. The national average is 15.2%.
Like houses, people will always need cars. Because of economic uncertainty, however, people are shying away from the purchase. When they do buy, they seem to prefer used vehicles.
| Year-Over-Year Auto Lending Growth By State |
| Data as of September 30, 2010 |
| Alaska |
12 |
7.93% |
0.89% |
13.12% |
55.16% |
N/A |
| Alabama |
127 |
-5.87% |
-27.47% |
10.02% |
40.25% |
17.8% |
| Arkansas |
59 |
2.48% |
-6.34% |
13.03% |
52.33% |
9.4% |
| Arizona |
45 |
-21.09% |
-30.02% |
-10.47% |
41.14% |
12.3% |
| California |
443 |
-17.63% |
-27.43% |
-9.18% |
22.30% |
10.6% |
| Colorado |
99 |
-14.10% |
-26.53% |
-7.45% |
37.06% |
31.0% |
| Connecticut |
129 |
-12.65% |
-26.32% |
-4.17% |
22.49% |
6.4% |
| Dist. of Columbia |
52 |
-12.94% |
-22.20% |
-2.80% |
10.89% |
N/A |
| Delaware |
26 |
-3.42% |
-10.71% |
3.73% |
29.88% |
N/A |
| Florida |
174 |
-12.93% |
-21.79% |
-3.18% |
31.22% |
10.9% |
| Georgia |
144 |
0.71% |
-10.91% |
8.54% |
40.00% |
9.5% |
| Hawaii |
84 |
-16.81% |
-23.09% |
-6.99% |
21.94% |
31.3% |
| Iowa |
135 |
5.27% |
-10.20% |
12.43% |
33.51% |
28.9% |
| Idaho |
32 |
0.86% |
-9.63% |
5.93% |
44.54% |
34.4% |
| Illinois |
361 |
-3.00% |
-15.20% |
7.30% |
29.68% |
12.0% |
| Indiana |
165 |
-0.81% |
-14.63% |
6.07% |
34.69% |
20.5% |
| Kansas |
94 |
9.14% |
-7.88% |
14.26% |
56.82% |
20.5% |
| Kentucky |
85 |
0.03% |
-14.92% |
7.82% |
31.93% |
9.3% |
| Louisiana |
207 |
1.79% |
-6.92% |
13.78% |
45.28% |
15.5% |
| Massachussetts |
203 |
-2.75% |
-11.08% |
2.06% |
20.04% |
21.5% |
| Maryland |
89 |
-11.73% |
-20.16% |
-3.17% |
24.99% |
10.3% |
| Maine |
62 |
-5.70% |
-17.99% |
1.11% |
23.94% |
22.7% |
| Michigan |
314 |
2.57% |
-12.54% |
11.71% |
26.87% |
19.1% |
| Minnesota |
152 |
-0.02% |
-7.01% |
3.10% |
27.11% |
21.7% |
| Missouri |
137 |
-7.28% |
-21.21% |
0.83% |
38.95% |
12.7% |
| Mississippi |
84 |
-3.33% |
-16.47% |
6.69% |
45.04% |
10.3% |
| Montana |
44 |
-0.03% |
-13.90% |
8.65% |
26.08% |
24.1% |
| North Carolina |
94 |
-8.88% |
-26.80% |
2.03% |
17.03% |
10.3% |
| North Dakota |
47 |
-1.33% |
-9.96% |
1.07% |
24.45% |
19.3% |
| Nebraska |
71 |
11.25% |
1.88% |
15.07% |
41.47% |
16.8% |
| New Hampshire |
23 |
12.42% |
3.22% |
20.30% |
42.37% |
22.3% |
| New Jersey |
196 |
-6.79% |
-17.97% |
4.19% |
13.06% |
2.7% |
| New Mexico |
50 |
0.11% |
-10.66% |
10.79% |
39.20% |
N/A |
| Nevada |
13 |
-19.56% |
-32.91% |
-8.40% |
32.46% |
10.6% |
| New York |
417 |
-3.58% |
-12.15% |
4.83% |
19.11% |
12.0% |
| Ohio |
316 |
-0.87% |
-9.82% |
5.50% |
36.38% |
12.3% |
| Oklahoma |
71 |
4.32% |
-7.62% |
14.05% |
52.60% |
N/A |
| Oregon |
77 |
-6.32% |
-15.90% |
7.59% |
37.36% |
38.7% |
| Pennsylvania |
479 |
-1.75% |
-13.39% |
6.01% |
26.13% |
14.0% |
| Rhode Island |
23 |
-13.27% |
-20.78% |
-9.12% |
12.12% |
N/A |
| South Carolina |
78 |
-5.81% |
-20.08% |
2.30% |
34.11% |
14.6% |
| South Dakota |
50 |
-1.31% |
-12.40% |
3.01% |
36.83% |
23.1% |
| Tennessee |
175 |
-5.87% |
-16.36% |
1.14% |
33.45% |
17.0% |
| Texas |
527 |
0.42% |
-7.80% |
9.86% |
48.72% |
16.2% |
| Utah |
91 |
-5.63% |
-21.19% |
0.55% |
41.06% |
42.5% |
| Virginia |
179 |
-4.27% |
-17.25% |
8.12% |
20.00% |
15.3% |
| Vermont |
26 |
8.45% |
-13.81% |
16.82% |
21.31% |
21.2% |
| Washington |
112 |
-6.78% |
-16.05% |
3.05% |
30.45% |
31.3% |
| Wisconsin |
220 |
1.26% |
-14.02% |
6.87% |
20.41% |
24.8% |
| West Virgina |
103 |
-4.17% |
-16.40% |
6.49% |
41.95% |
10.6% |
| Wyoming |
31 |
3.49% |
-11.77% |
11.29% |
51.27% |
N/A |
|
Source: Callahan & Associates' Peer-to-Peer Software
Total Market Share Source: AutoCount data from Experian Automotive; Callahan & Associates
|