Federal Reserve Bank of San Francisco President Mary Daly said policymakers will likely need to raise interest rates higher and maintain them at elevated levels for a longer period of time.
Can “Mom & Pop” dealerships survive in the current era of auto retail consolidation, or has every local market reached the point of “grow, or die?”
There is only one week remaining of the 2023 Utah Legislative Session. Committee meetings end on Tuesday and the floor time for the House and Senate will go later into the evening, with it all ending on next Friday at midnight. Although the session is only forty-five days, the Utah Legislature is able to accomplish a lot. There have already been over 800 bills filed for the session with the anticipation of 500 of those bills being heard and passed. The legislature also made public the near $28 billion dollar budget for the state. It includes nearly $1 billion in ongoing and one-time money for education, more than $400 million for water conservation, with a big focus on the Great Salt Lake, a tax cut package of $400 million, and over $200 million for affordable housing and homelessness in Utah.
Read MoreThe data is coming in, and it's not looking pleasant.
New data indicates that used car prices in the US will soon increase again, following a steady decline for most of last year.
The U.S. consumer watchdog on Thursday fined TitleMax $10 million, saying the Georgia-based title lender illegally made thousands of auto loans to military borrowers over a five-year period, often charging interest rates well above legal limits.
The average price of a used car dropped by $633 in the past month, but some industry experts say the recent stretch of declining prices could be coming to an end.
You may have heard encouraging words about buying Certified Pre-Owned (CPO) trucks, but before you run to your certified used truck dealer to request their finest CPO truck, you should become more familiar with some of the programs offered by truck manufacturers. The term “Certified Pre-Owned” specifically indicates cars, trucks, SUVs, and vans that are part of a manufacturer’s CPO program.
The latest Cox Automotive analysis of Xtime metrics shows that service activity decreased and service revenue increased month over month at U.S. franchised dealerships in January. The Repair Order Revenue Index and the Repair Order Volume Index were both up compared to January 2022.
Tesla has recalled every vehicle equipped with its famous “Full Self-Driving Capability” software after government safety regulators warned that it’s unsafe to use. The recall, however, is not straightforward and not the end of Full Self-Driving Capability. The controversial software remains the target of a series of government investigations, and post-recall, the company will still sell it, and drivers will still use it.
The 2% inflation target is key to the Federal Reserve’s vision for stable prices in the U.S. economy, according to the Federal Reserve Bank of St. Louis.
Congress is just a couple months into their new legislative session. There are new congressman, new members in committees, and a change in power in the House of Representatives. For those that follow our state legislation, you will notice that Utah legislation moves quickly, due to only a 45 day session. Legislation on a federal scale will not be like legislation in Utah or any other state. Legislation in D.C. moves very slow, with very few bills making it through the entire process. Here is a quick overview of the current federal legislative bills that you should be aware. These bills were just introduced with most of them not having current text. We will provide additional updates each month on this federal legislation.
Read MoreLast June, a lawsuit was filed by a handful of 2021 Ford Expedition and Lincoln Navigator owners after those vehicles were recalled for underhood fires, and later amended after those owners found Ford’s fix for that issue to be inadequate.
Buying a used car doesn’t have to be a game of roulette; instead, potential owners can opt for models with a reputation for reliability and value. A used Toyota Camry is one of the most dependable options available, and it has the potential to sail past some competitors in its long-lasting lifespan. In fact, the Camry could outlast four famously reliable used cars, including the Honda Fit, Civic, and Lexus ES 350.
Year-over-year inflation declined in January but at a slower pace. Inflation remains elevated and much higher than the Federal Reserve’s target. Inflation impacting lower-income households remains extremely high.
Read MoreWeek five of the 2023 Utah Legislative Session came to a close this week meaning there are only nine working days left of the session. The Legislature will be observing Monday, February 20th, as President’s Day, and will not be meeting on this day. The next two weeks we will see legislative committee meetings going later in the day, and time on the House and Senate floor extended. For this weeks updates, I have provided an update that is italicized and underlined making your reference to the updates easier.
Read MoreIf you're in the market to buy a car, you have some tough decisions to make. New car prices continue to climb, according to the latest Consumer Price Index report, while used car prices are dropping.
When you search "average APR for car loan," you'll be met with some numbers, but they mean nothing without an understanding of your own financial situation and how car loans work.
APR stands for annual percentage rate, and it refers to the cost of your loan, which includes the interest rate and additional fees. The APR of your car loan is largely dependent on your credit score. In most cases, the higher your credit score is, the lower your APR will be.
Whether you’re shopping for a new or used car, reliability is a top priority for many. But what is a reliable car? Typically, it holds up well over time and has lower odds of having issues or needing repair. A reliable car means you will get more bang for your buck.
Finding a vehicle that fits the bill is especially important as monthly financing for new and used vehicles averages at $700 and $525, respectively, according to the data from Experian’sthird quarter State of Automotive Finance Market. So while cars with the least problems may not be the cheapest, you will spend less throughout ownership.
Markets expect the U.S. Federal Reserve to raise rates again on March 22. The increase is expected to be 0.25 percentage points, with a slim chance of a 0.5 percentage point hike. However, the question for markets is what will happen in the two meetings after March. The markets see a good chance that the Fed will also raise on 3 May and possibly on 14 June too.
Read More“It was the best of times, it was the worst of times” would be an apt description of the last few years for auto insurers. Immediately after a nationwide, months-long driving hiatus caused collisions to plummet and profits to surge, a toxic cocktail of supply chain disruptions, increases in the frequency and severity of collisions and a complete dislocation in used-vehicle prices drove loss ratios into the red for many auto insurance companies. Through the end of 2022, auto insurer losses and expenses continued to outpace premium growth for major industry players. While some of those trends have now started to change course, the myriad challenges facing the industry are far from solved.