Credit unions will need to work harder to gain market share in the automotive loan market this year as the growth rate of car sales slows and more buyers choose to lease.
According to a report released Aug. 4 by CU Direct, a CUSO based in Ontario, Calif., dealers sold 8.6 million new cars from January through June, 1.4% more than 2015′s first half. In addition, used car sales rose 4.8% to 19.1 million, and new car sales are expected to reach 17.7 million this year, up from 17.5 million in 2015, the record high since 17.4 million cars were sold in 2000.
"Overall, credit unions continue to book loans at a healthy pace in 2016," Jose Torres, CU Direct's market research analyst, said.
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