News

The Federal Reserve is set to escalate its battle against inflation this week with another substantial interest rate hike, risking deeper economic "pain" for millions of households and businesses nationwide.

With inflation unexpectedly accelerating in August and the job market still growing at a healthy clip, the U.S. central bank is widely expected to approve another 75-basis-point rate hike at the conclusion of its two-day meeting on Wednesday. Some investors are even betting on a full-percentage point move as the Fed faces mounting pressure to tame demand and slow surging consumer prices.

Agora Data, Inc., the FinTech company transforming automotive financing by providing U.S. independent auto dealers and finance companies precision loan performance analytics and access to ample, affordable capital, closed a $100 million revolving credit facility with Credit Suisse Group AG. This latest transaction facility allows Agora Data to accelerate and expand its ability to deliver efficient capital to loan originators who offer in-house financing solutions for non-prime auto buyers.

In a wide-ranging conversation with Scott Pelley, President Biden answers questions on Taiwan, inflation, the classified documents found in former President Trump’s home and more.

https://www.youtube.com/watch?v=u1UC89H4Swc

WASHINGTON – Today, the Department of Homeland Security (DHS) became the first federal agency to debut a battery electric vehicle (EV) fitted for performing law enforcement functions at the Federal Law Enforcement Training Centers’ Office of Cheltenham Operations. The Ford Mustang Mach-E is the first of a variety of EVs DHS plans to field across its varied law enforcement missions throughout the homeland.

Used-vehicle inventory volume held steady from July to August, as did prices – a sign of market stability, according to the Cox Automotive analysis of vAuto Available Inventory data.

The total supply of unsold used vehicles on dealer lots, both franchised dealers and independents, across the U.S. stood at 2.46 million units at the close of August, about the same as the revised number at the end of July.

The Federal Trade Commission is sending payments totaling more than $415,000 to 3,508 consumers who financed a car or truck at a Tate’s Auto dealership after Jan. 1, 2013, and later had the vehicle repossessed. Tate’s Auto, which operated dealerships in Arizona and New Mexico, allegedly deceived consumers about payment information and falsified information on consumers’ financing applications.

Wholesale used-vehicle prices (on a mix, mileage, and seasonally adjusted basis) decreased 4.0% in August from July. The Manheim Used Vehicle Value Index declined to 210.8 but is up 8.4% from a year ago. The non-adjusted price change in August was a decline of 2.6% compared to July, leaving the unadjusted average price up 5.9% year over year.

An auto dealer in Connellsville, Pa., has been indicted by a federal grand jury in Pittsburgh on charges of mail fraud and conspiracy to commit mail and bank fraud, U.S. Attorney Cindy K. Chung said today.

The five-count Indictment named Joshua Dewitt, 36, and Terrence Newmeyer Jr., 45, as defendants.

SANDY — To say there's been an uptick in catalytic converter thefts really undersells the crime.

In 2019, victims reported a hundred "cat" thefts in Utah. By 2020, that number grew by over 600%. And then 2021's figures more than doubled that haul with 1,361 thefts, according to figures shared with the KSL Investigators by the Utah Attorney General's Office.

Criminals looking at your car to make a buck can leave you with some pricy repairs. So, other than comprehensive insurance and keeping the car locked up in the garage, is there anything drivers can do to avoid a hefty replacement cost?