NAFCU's Chief Economist Talks Auto Sales Dip in November

Curt Long

​"Auto sales slipped to 14.1 million units in November. Supply has long been the binding constraint, and inventories and production fell overall in October (data for November is not yet available). Chip shortages continue to bedevil manufacturers, which have responded by prioritizing highest-margin vehicles. Higher rates may be discouraging some buyers, but survey evidence suggests that the effect is muted. According to the University of Michigan's consumer survey, in October households viewed car buying conditions as being at their highest level all calendar year. NAFCU maintains its view that sales will trend upward in the coming months as supply chains heal, but that growth will be choppy and gradual," says NAFCU Chief Economist and VP of Research Curt Long.

Relatedly, Experian released its Q3 lending report revealing that credit unions were among the leading lenders when it came to auto loans. Credit unions continue to see growth in lending even as inflation impacts the financial services industry.

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