Dealer sentiments improved substantially over the previous quarter, driven by unexpectedly high sales and revenue.
With millions of Americans still struggling to access traditional credit options, achieving full financial inclusion will be neither quick nor easy. With an estimated 307 million smartphone users in the U.S., however, the emergence of mobile technologies has created opportunities to expand credit access to underserved households.
It's a bad sign for the economy when the tow-truck business spikes. That's what we're seeing now, as a Bloomberg report details the recent drastic increase in auto repossessions. Not only is it a stark contrast to the COVID pandemic's peak, when financial relief helped more Americans stay ahead on their car loans, but some stats show it's even more dire than during the 2009 financial crisis.
The latest CPI report showed that falling energy prices pushed annual inflation down to 5% in March. Inflation is cooling faster than analysts had expected, but even today’s comparatively low 5% is two-and-a-half times higher than the Fed’s longstanding target of 2%. And interest rate hikes are still its primary weapon in the war on rising prices.
After three straight months of sequential gains to begin the year, wholesale vehicle prices appear to be slowing down in April. The mid-month reading of the Manheim Used Vehicle Value Index came in at 231.7, which was off 2.7% from March and 4% from the full month of April 2022, when adjusting for mix, mileage and seasonality.
SPRINGFIELD, Mo. – A Nixa, Mo., man who used his business to steal customers’ identity information in a scheme to obtain hundreds of thousands of dollars in fraudulent car loans was sentenced in federal court today.
All-electric car sales in the United States do not slow down and the results during the first two months of the year are significantly higher than in 2022.
Fuel efficiency isn’t just found in electric cars and hybrids. There is a wide range of fuel-efficient used cars available with all sorts of engines — largely because manufacturers have been focusing on fuel efficiency for the last decade.
Federal Reserve economists predict that turmoil after the collapse of several banks will cause a "mild recession" later this year, according to minutes of the Fed's March meeting.
What new-model shoppers think of a specific brand very well could be an indicator of how used-vehicle shoppers evaluate that badge, too. So, Kelley Blue Book’s 2023 Brand Image Award winners could help dealerships shape their inventory for the remainder of the year and beyond.
On April 3rd, the Consumer Financial Protection Bureau issued a new Policy Statement ("Policy") providing an analytical framework to identify "abusive" conduct.[1] This is the second time the CFPB has issued a Policy Statement on abusive conduct – the agency previously issued one in 2020 under Director Kraninger and repealed it the following year under Acting Director Uejio.
US car buyers are warming up to electric vehicles, and they're not only going after the new ones. People are increasingly interested in used EVs, and online searches for this category of vehicles have exploded in recent months. Cars.com, for example, has seen a huge spike in searches for used EVs – 145 percent in February 2023 compared to February 2022.
Automotive Ventures said Thursday it is closing its new DealerFund to new investors at the end of the month. The automotive technology and mobility venture capital firm announced the launch of the DealerFund in March 2022 as a means to help dealers “navigate through the next decade of unprecedented change, invest into and participate financially in the autotech startups they help to grow.”
There are some signs of hope that this bonkers used car market is slowly improving in the interest of buyers. While some segments are presenting some strong values, other areas are maintaining some serious premiums. To help buyers navigate the still complicated times of purchasing a car, iSeeCarsreleased a study sharing where you can get the best value for pre-owned models this spring.
Monday marked the first business day — or perhaps the third sales day depending on your dealership’s hours of operation — of the second quarter, which most dealers view as strong for the market.
The parent company of subprime lender TitleMax says hackers made off with the Social Security numbers and financial account information of up to nearly 5 million individuals.
Independent agents can tailor the shopping process to customers’ financial needs using comparison software and rating tools – a huge advantage over online, do-it-yourself policy shopping.
An old, unwritten rule of car sales tells dealers and factories to work together to keep about a 60-day supply of each new vehicle on hand for sale, with another 15 days on order or in transit. That, the pragmatism says, means that dealers have most color and feature combinations a buyer could want in easy reach.
New-vehicle supply closed February higher than it ended January despite surprisingly strong sales, according to Cox Automotive’s analysis of vAuto Available Inventory data. The average listing price edged lower.
The Federal Trade Commission has launched an inquiry into the small business credit reporting industry, ordering five firms in that industry to provide the Commission with detailed information about their products and processes.