The auto industry is filled with disruptive forces, says Dr. Sean P. McAlinden, vice president and chief economist for the Center for Automotive Research.
Those forces include low oil prices, recalls, increased regulation, and self-driving cars.
Credit unions should keep making auto loans but watch where the automotive industry is headed, McAlinden told attendees of the CUNA Economics and Investments Conference in Chicago.
Some of McAlinden’s conclusions about the future of the auto market:
Credit unions need to pay attention to the future of the automotive industry because auto loans are one of the fastest-growing loan segments, according to Mike Schenk, CUNA’s vice president of economics and statistics.