Strong Auto Lending Results Posted in July

Credit unions continued to play a significant role in the auto financing market as the second half of 2003 began. The automobile sales market turned in strong numbers in July, with new car sales rising to an annualized rate of 17.2 million vehicles. The number of vehicles financed during the month reflects the increase in purchases, rising 6.1% versus June's financing activity.

 
 

Credit unions continued to play a significant role in the auto financing market as the second half of 2003 began. The automobile sales market turned in strong numbers in July, with new car sales rising to an annualized rate of 17.2 million vehicles. The number of vehicles financed during the month reflects the increase in purchases, rising 6.1% versus June's financing activity.

Credit unions rode this strong July market, experiencing 6.0% higher auto loan volume based on information for 29 states from AutoCount USA, a provider of auto lien data that has partnered with Callahans and Credit Union Direct Lending to provide credit unions with local and national market share information. The July origination activity resulted in a 16.1% share of the total auto loan market. This share is down slightly from credit unions' 16.3% recorded in June, the highest level recorded in 2003. Credit unions share of the total auto finance market, including leases, held at 15.1% in July.

Credit unions have seen a steady increase in market share throughout 2003, and their current share has returned to the peak level posted by credit unions in June 2002. Colorado credit unions continue to lead the nation in state market share, accounting for over 32% of all auto loans originated during the month and nearly 30% of the total auto financing market. As shown below, there are five states overall in which credit unions hold at least a 20% share of the auto lending market.

 

 

 

Sept. 8, 2003


Comments

 
 
 
  • statistics on states was interesting
    Anonymous
     
     
     
  • It would be interesting to see what percentage of the loans in states using Centrix are sub-prime. Colorado is one of the largest users of Centrix which is indirect lending.
    Anonymous