Credit unions held 22 percent of the auto finance market share during the first three months of 2022, Experian said, the industry's best first-quarter share in at least five years.
Demand for used vehicles and reduced automaker deal sweeteners helped credit unions capture a larger share, said Melinda Zabritski, Experian automotive financial services senior director.
"With low inventory and high consumer demand, we're not seeing nearly as many incentives on the market. This has resulted in an opportunity for credit unions to step in and gain market share, as they often offer the lowest interest rates," Zabritski said in a statement Thursday, June 2.