At June 30, auto sales year-to-date were up 16.7%, according to Motor Intelligence. Captive financers are getting more aggressive with 0% rate deals and other promotions to capture a greater share of the auto market.
According to Experian Automotive, credit unions, in aggregate, hold 15.2% of the total auto market. This is down from a peak of 22.7% in January of 2009. But this weighted average hides variations at the state level. New Jersey credit unions holds jus 2.7% of their auto market share while credit unions in Utah have captured 42.0% of their market, according to the 2Q 2010 edition of Credit Union Strategy & Performance.
Below are the top 10 credit unions in total auto loan growth that also had growth in both new and used autos. Seven of these 10 participate in indirect auto lending networks; only Realtors (MD), Benchmark (TX) and Kunia (HI) do not, according to 5300 filings.
Top 10 Credit Unions in Overall Auto Loan Growth |
Credit Unions $10M+ in assets | new and used auto growth > 0% |
1
|
MD
|
REALTORS
|
382.20%
|
204.70%
|
429.71%
|
18.25%
|
$72,709,038
|
2
|
MI
|
FIRST GENERAL
|
228.38%
|
88.77%
|
262.23%
|
76.12%
|
$56,309,205
|
3
|
PA
|
SUPERIOR
|
201.21%
|
11.98%
|
270.88%
|
40.50%
|
$36,729,108
|
4
|
MN
|
FINANCIAL ONE
|
196.91%
|
182.01%
|
205.50%
|
53.67%
|
$63,478,758
|
5
|
CT
|
FIRST CONNECTICUT
|
153.78%
|
136.01%
|
159.39%
|
60.84%
|
$36,027,277
|
6
|
TX
|
BENCHMARK
|
139.95%
|
3.52%
|
199.44%
|
82.65%
|
$16,797,774
|
7
|
CT
|
LEDGE LIGHT
|
132.86%
|
29.15%
|
339.50%
|
18.23%
|
$206,603,785
|
8
|
MI
|
COMMUNITY ALLIANCE
|
92.78%
|
42.27%
|
139.17%
|
31.23%
|
$70,796,404
|
9 |
HI |
KUNIA |
90.13% |
66.05% |
109.52% |
76.36% |
$16,369,824 |
10 |
WI |
A-B |
86.44% |
96.41% |
83.28% |
17.17% |
$53,938,893 |
Source: Callahan & Associates’ Peer-to-Peer. |
For more information on how to identify other leaders, call the Callahan Analytics Team at (800) 446-7453. |