How to battle flat or down auto market

With the auto market expected to be flat or down this year compared to 2019, one expert is contending that how well credit unions fare will depend on how well they embrace digital in the space, especially as banks are demonstrating some real progress.

Jenn Reid, vice president of strategy and marketing leader, automotive, at Equifax, further suggested what will dictate a CU’s auto lending performance in 2020 is how well CUs conducted a “health check” in late 2019.

Digital retailing is exploding in the automotive market and banks have made strong inroads in the area, said Reid, suggesting many credit unions are falling behind banks with online and mobile auto lending.

“Credit unions need to improve their digital retailing and reach more of their members who need a car loan,” Reid said. “I think, generally, credit unions are going to see a similar competitive environment, but I think the key will be finding ways to get ahead this year.”


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