New Cars Are Finally Back in Stock — But Americans Might Not Be Able to Afford Them
As supply chain bottlenecks finally start to ease, new cars are slowly becoming more widely available. With the Federal Reserve aggressively hiking interest rates to fight inflation, consumers are finding that the cost of financing a new car is suddenly a lot higher than it was even earlier this year.
The Fed has increased interest loan rates to 3% to 3.25%, and the cost of financing is expected to keep climbing. Average purchase prices for new cars rose 6.3% in September to a record of more than $45,000, J.D. Power estimates. Earlier in the year, prices had surged at record levels of 17.5% and 14.5%.
“There’s a lot of pent-up fleet demand because fleets have been starved in favor of consumers,” Kristin Dziczek, automotive policy advisor for the Federal Reserve Bank of Chicago’s Detroit branch said, adding that many government and large commercial fleets are paying sticker price for battery-electric and hybrid vehicles to meet local emissions standards.
Happy Hispanic Heritage Month – Why Fleet Feels Like Family
Carlos Oropeza of Wheels Donlen shares his insights about celebrating Hispanic Heritage Month through an AFLA member's perspective.
Growing up in the states, I had a little identity issue and struggled to find a sense of belonging.
As a child who migrated to the United States at a very young age, I felt that I wasn’t fully Hispanic since I was Americanized.
However, I also wasn’t fully an American because half of my traditions and experiences were from a different culture. Who I was culturally confused me. I loved taking part in all of the American holidays and traditions, but I also loved waking up in the morning to the sweet smells of a delicious Mexican breakfast and hearing the commotion as the family came together.
Keep in mind that the Hispanic family includes extended cousins and relatives. One thing I knew for sure was that our family was very close-knit. It was not until I was in my 20s that I took a sabbatical and decided to visit the land where my parents were from and where I was born.
Extending Driver Risk Management Benefits to ALL Employees and Their Families
By Ed Dubens, CEO/Founder of eDriving
The benefits of implementing a driver risk management program - reduced collisions, incidents, injuries, license violations, carbon emissions, and reduced overall cost of vehicle ownership – are generally well understood by organizations with employees driving for work purposes.
They recognize that a holistic risk management program that helps drivers identify their risky habits and change those with the help of training, coaching, and gamification, provides long-lasting and often life-saving benefits.
So, why limit these life-changing and life-saving benefits solely to those employees driving for work purposes?
FMW Talks with Brendan P. Keegan, Chairman, CEO & President of Merchants Fleet
Fleet Management Weekly recently had the opportunity to speak with Brendan P. Keegan, Chairman, CEO & President of Merchants Fleet, to discuss the fleet management company’s exceptional growth, new ownership group, and plans for the future.
Our first question for Keegan was this: Merchants has been on quite a roll for a number of years, and now you have been acquired by Bain Capital. What does this mean for Merchants and what does it mean for your clients?
Keegan: Let's start with where we've been already with Bain.
Bain came in two-and-a-half years ago as our growth capital partner. As we continued to grow, we really needed an external investor to strengthen our foundation.
Since the beginning of 2018, we've grown fivefold on our top line.
CARFAX: Hurricane Ian Damaged Hundreds of Thousands of Cars
CARFAX estimates the widespread flooding across Florida and the Carolinas in the wake of Hurricane Ian, potentially damaged as many as 358,000 vehicles. Used-car shoppers need to be aware that these waterlogged vehicles could resurface anywhere around the country.
"We are seeing these flooded cars show up all around the country, putting unsuspecting buyers at risk," said Emilie Voss, CARFAX spokesperson. "Cosmetically these cars might look great, but if you don't know what to look for, it's nearly impossible to tell they are literally rotting from the inside out."
