Record Vehicle Prices Mean One Thing – Record Monthly Payments for New and Used Cars
If it is seems like there’s hardly a difference between the monthly payment on a new and a used vehicle, you’re right. Currently there’s just an 18% difference between the two averages — the smallest gap ever.
The average transaction price for a new vehicle is more than $42,000, which is a new record. Unsurprisingly, that has trickled down to the used vehicle numbers as well. Edmunds expects it to climb to a record high of $27,306, compared to $25,854 in Q2 2021 and $21,697 in Q3 2020.
“These high prices combined with higher interest rates on the used side have shrunk the difference between new and used monthly payments more than we’ve ever seen before. Consumers considering a used vehicle rightfully might pause at the fact that today’s used monthly payment is nearly the same as a new monthly payment five years ago — particularly when they factor in the maintenance that might happen sooner rather than later,” said Jessica Caldwell, Edmunds’ executive director of insights
Read the article at The Detroit Bureau.
Samsung is Bringing Digital Car Keys to its Phones, Starting in South Korea
After announcing plans for digital car keys in its phones during the Galaxy S21 launch, Samsung is finally starting to add support for the feature. Samsung says support for the ultra wideband (UWB) and NFC-enabled digital car keys will hit South Korea first, and it will only work with one car to start — the all-electric Genesis GV60.
On devices that support UWB — the Samsung Galaxy S21 Plus and Ultra, Note 20 Ultra, and Galaxy Z Fold 2 and 3 — Samsung promises “passive entry,” meaning you can unlock and lock your car without pulling your phone out of your bag or pocket. With your phone nearby, you’ll also be able to start your car and make adjustments to mirrors, seats, and more.
The digital keys are stored in Samsung Pass — and protected by an “embedded Secure Element (eSE)” — and, according to Samsung, can be shared with anyone running Android 11 with its app downloaded.
Read the article at The Verge.
ABB Introduces ‘World’s Fastest’ EV Charger: Terra 360
ABB announced the launch of the "world’s fastest electric car charger" called Terra 360, which will be available in Europe from the end of 2021 (2022 in other markets).
The key feature of the Terra 360 is the dynamic power distribution between up to four vehicles (there are two plugs on each side of the charger). It means that drivers connected to the chargers will not have to wait on each other to end charging the previously connected EVs. According to ABB - this makes the Terra 360 well suited for refueling stations, urban charging stations, retail parking and fleet applications.
Read the article at InsideEVs.
Helping Customers Find Their ‘Next Normal’
By Holly Hill, CAFS, Director of Business Development, FLD Remarketing
As just about anyone in the industry can attest to, the Covid pandemic has changed fleet in ways that none of us could ever have imagined.
From labor and chip shortages that have shuttered major automotive manufacturers, to supply chain stops and starts that have just about everyone searching for creative workarounds, the past 18 months have been unbelievably challenging.
So, with tempered expectations, I was anxious to attend this year’s NAFA I & E in Pittsburgh to see old friends and colleagues, exchange pandemic stories, and check in on folks I hadn’t seen in person since the NTEA conference in early March 2020.
As one might have expected, this year’s NAFA was unlike any I have ever attended over the last 20 plus years.
Brendan P. Keegan, CEO of Merchants Fleet, Invited to the Fast Company Executive Board
Merchants Fleet announced CEO Brendan P. Keegan has been invited to join the Fast Company Executive Board, an invitation-only organization comprised of company founders, executives, and leaders who are defining the future of business across the globe.
“For me, Fast Company is synonymous with innovation—and innovation is at the heart of everything we do at Merchants Fleet,” says Keegan. “I am honored to be invited to participate in this esteemed organization, and I look forward to sharing thoughts and ideas with my colleagues on the board, in our collective pursuit of transforming the business world.”
Keegan was invited to join the board based on his demonstrated expertise and thought leadership in the fleet industry. He is a frequent editorial contributor to Fast Company, Newsweek, Entrepreneur, and Inc., and also authors a widely followed LinkedIn blog.
