As credit unions consolidate, their membership bases are growing. In 2017, the number of members per credit union grew to nearly 20,000, up from 13,700 in 2012.
At the same time, credit unions increased total balances by 10% year-over-year, reaching $972 billion – or 7.7% market share – in 2017. As they grew, credit unions captured more market share in auto – at the expense of banks. Between 2013 and 2018, credit unions’ market share rose 8%, while banks declined at the same rate.
To understand how credit unions surpassed banks in auto finance, we analyzed our consumer credit database and found credit unions adopted four strategies.continue reading »