Auto industry

The first day of CU Direct's annual Drive conference included insights from dealers, executives at online car-buying platforms and more.

From availability issues to regulatory hurdles and changes in marketing strategies, dealers say there is plenty credit unions can do to improve relations between the two sides.

More than half of all states don’t have an electronic system to track car titles and liens, which increases the potential for fraud and costs for lenders.

Rates have risen, car prices are up and sales are expected to drop by nearly a half-million units this year, but institutions can take steps to ensure minimal impact.

Until now, Toyota Financial Services has offered banking services to its dealers. But as it builds its digital bank, that will soon change, according to its newly appointed chief information officer.

Credit unions haven't dipped into subprime lending as much as other lenders, which has helped protect the industry – but there could still be major speed bumps ahead.

Loans for recreational vehicles may yield higher returns than traditional auto loans, but the opportunity could fade if the economy heads into a recession.

Although the credit union industry managed to add more loans and members, lending is expected to grow at just 8 percent this year, according to a recent report.

The Detroit bank wants to focus on its core business instead, but other institutions have seen rapid growth in loans for recreational vehicles and other large pieces of transportation equipment.

More than 137,000 credit union members will now have access to the online car-buying program.