Roughly 10 months ago, the automotive industry came to a screeching halt. Factory shutdowns, inventory shortages and a decline in sales led to a rough patch for many within the industry, including lenders. But with pent-up demand building and car shoppers re-entering the market, the industry has shown signs of rebounding.
What does that mean for credit unions? In a word: Opportunity.
Much like other lenders, outside of captives, credit unions experienced a significant decline in automotive market share at the beginning of the pandemic. Automakers offered attractive incentive packages in hopes of reviving sales, and captives were the clear beneficiary. But with sales rebounding and fewer incentives being offered, now is the time for credit unions to recapture market share.
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