Inflation clearly is the focus of the Federal Reserve nowadays. Chair Jerome Powell said “inflation” 20 times during his opening statement after policymakers decided unanimously on Wednesday to maintain the target range for the federal funds rate at 5.25% to 5.5%. “We understand the hardship that high inflation is causing, and we remain strongly committed to bringing inflation back down to our 2 percent goal,” Powell began during that opening statement. “Price stability is the responsibility of the Federal Reserve. Without price stability, the economy ... [Read More]

Folks still need personal vehicles. And for many, the used-car market is the only or best option. That’s one way to explain why year-to-date used retail sales through August have climbed 4.5% — growth that has occurred despite the headwinds of high prices and steep interest rates, says Cox Automotive. “Slightly lower used-vehicle prices, coupled […] [Read More]

When comparing an electric vehicle to a car with an internal combustion engine, think of a dolphin and a fish, says Brian Donnelly, director of partnerships at Autotech Ventures. On the outside, the two animals look quite similar. Underneath the hood, so to speak, they’re completely different, as one is a mammal and the other a fish. The same goes for EVs and ICE vehicles ... [Read More]

The market for electric vehicles is growing, and the key to that growth will be “a better product at a better price,” according to Bank of America senior automotive analyst John Murphy. In his keynote presentation of Bank of America’s third annual EVolution electric vehicle summit — a virtual event to discuss the latest trends in electric vehicles and environmental sustainability with industry experts — Murphy said last year’s EV growth from ... [Read More]

Through eight months of 2023, certified pre-owned vehicle sales are beating prior-year figures by 8% as the segment remains a “bright spot” in the overall used-car landscape, according to a presentation Tuesday by Cox Automotive analysts. In fact, August was the strongest month for ... [Read More]

Reports of growing vehicle theft across the provinces has spurred many to call for vehicle theft safety regulation updates and improvements, as well as stronger efforts to find and repatriate these stolen vehicles. For example, in early September, the Equite Association called on Transport Canada to adopt new standards set out by UL standards and engagement (ULSE), to be more in line with U.S. regulations and standards. These changes would update Canada’s federal motor vehicle safety regulations and ... [Read More]

J.D. Power Canada recently released data that shows the auto service market is normalizing from COVID-19 impacts, and dealer share of the market is growing. Auto Remarketing Canada spoke with J.D. Ney, automotive practice lead at J.D Power Canada, to get more insight into the company’s Canada Customer Service Index—Long-Term (CSI-LT) Study results ... [Read More]

Even with the looming threat of an autoworkers strike, rising interest rates and a shaky economy that might or might not be on the verge of a recession, car dealers should come out OK the rest of this year. That’s the reassuring message sent by Cox Automotive senior economist Charlie Chesbrough in “Charlie's Real-Time Quarterly Market Update,” a webinar presented last week by the American International Automobile Dealers Association. Experts are split on whether there will be a significant economic downturn, but, Chesbrough said ... [Read More]

Growing vehicle theft in Canada: It's a trend that has been hiding in the wings for a while, says Michael Rothe of  the Canadian Financing and Leasing Association. But for many in the auto industry, it didn’t hit their radar until 2020, when the data became hard to ignore. According to a recent report from the CFLA, there were over ... [Read More]

With macroeconomic pressures like high interest rates and increased cost of livin, Transunion Canada is tracking the auto industry’s lending performance. Year-over-year, originations are up by just under 2%, a rise mostly driven by more used inventory coming back online. “People weren't able to ... [Read More]