Auto lenders operating in California — the nation’s second-largest auto market — saw a surge in lien volume created through dealerships in September, pushing the state into year-over-year growth following a rough end to summer.
Auto liens increased 14.1% YoY to 252,929, with Capital One Auto Finance, Chase Auto, and Toyota Financial Services posting YoY growth over 30%, according to an Auto Finance News analysis of AutoCount data. CarMax Auto Finance, the state’s big winner, increased its market share by 51.4% YoY.
Source: AutoCount, a unit of Experian Automotive
The growth comes on the heels of a rough end to the summer season. In August, the Golden State was trailing 22.5% behind 2019’s figure, but posted a 25.7% increase in sequential growth in September.
The COVID-19 economic crisis has shaken up normal seasonal trends following closures in March and April, one of the nation’s busiest time of year for auto sales. Used-vehicle values, too, only began returning to normal seasonal depreciation patterns in November after months of record appreciation.