When the Federal Reserve sits down Wednesday to decide whether to raise interest rates again, it will likely be a game-time decision. Fed Chair Jerome Powell said that the central bank will make decisions on interest rate moves on a "meeting by meeting" basis.
Used-vehicle sales volumes were stable in May relative to April, but they were off from the normal seasonal pattern, which is to see growth. Volumes were down 11% year-to-year, the worst performance so far this year. Wholesale used vehicle values fell again in May, and the price declines accelerated as the month progressed.
On June 1, the CFPB published an issue spotlight and a consumer advisorydetailing the risks associated with storing funds on digital payment apps, particularly in the event of a platform’s financial distress.
The drop of wholesale used vehicle prices continues to pick up pace. The overall wholesale market dropped 0.31 percent, according to the BlackBook weekly insights. It’s the largest one-week slide since the market turned at the end of April.
Tapping its bench strength of proven talent, Manheim has named three new general managers for its Dallas, Portland and Kansas City locations. The leaders represent a combined 40 years of experience working closely with Manheim’s clients and teams to achieve mutual success.
The Federal Reserve’s battle to taper inflation by ratcheting up interest rates is limiting who can afford to purchase a new or used vehicle. The rate hikes have many Americans lowering their buying expectations, opting for used vehicles over new, or fixing their current car or truck instead of purchasing a replacement.
Federal Reserve Governor Philip Jefferson and Philadelphia Federal Reserve President Patrick Harker suggested Wednesday that the central bank could pause rate hikes at its next policy meeting.
Used vehicle sales lagged in April, as inventory continues to be a challenge. According to new numbers from Cox Automotive, used vehicles sales were down 1.7 percent from April 2022. The report estimated sales at 3.1 million units.
DETROIT — The average age of passenger vehicles on U.S. roadways climbed to a record this year, as car owners hold on to their vehicles longer amid low supplies of new vehicles and sky-high prices.
Car Capital paused originations, reduced its workforce and shifted contract servicing to Westlake Financial last November because of “difficult capital market conditions.” On Thursday, Car Capital reemerged with a new leadership team set to do business now in the Midwest and Southeast with an expansion into the West in the works.
The National Highway Traffic Safety Administration (NHTSA) demanded the recall of 67 million air bag inflators because it believes there is a safety defect, but auto supplier ARC Automotive Inc rejected the U.S. regulator’s request, documents released on Friday show.
Multiple automakers are signaling the return of incentives as they consider options to address rampant unaffordability in the current car market.
The Dealertrack Credit Availability Index tracks how difficult it is to qualify for all types of car loans. The index declined 1.5% to 96.8 in April, the lowest reading since February 2021, and reflected that auto credit was more challenging to get in the month than every month since then.
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.