Credit union resiliency showed early this year as the movement continued to gain share of new and used auto loans, while sales remained stuck in a ditch with no help on the horizon for the supply chain problems.
The U.S. Bureau of Economic Analysis reported June 3 that new cars and light trucks sold at a seasonally adjusted annual rate (SAAR) of 12.7 million in May, down from 16.9 million a year earlier and 15.5 million in April. May's sales were the lowest since SAAR fell to 12.3 million last September.
"Supply constraints show no sign of easing," NAFCU Chief Economist Curt Long said.
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