They might not realize it, but people in Burlington (Vermont), Norfolk (Virginia), Nashville (Tennessee), St. Louis (Missouri) and Milwaukee (Wisconsin) have something in common: They all live within about 470 miles of Cleveland, Ohio.
The good news is that dealers are getting serious about cybersecurity, with 90% of the respondents saying it is very important or extremely important relative to other operational areas and 53% of respondents being confident in their current protection — up 16% from the 2022 study.
With the cost of buying and financing new vehicles at historic highs, the used car market is feeling the brunt of the new car shortage America has tolerated over the past three years, as are prospective buyers, who are now getting priced out of both the new and secondary car markets.
Federal Reserve Chair Jerome Powell hinted Thursday that the central bank may hold interest rates steady next month amid rising long-term bond yields that could curtail economic growth, effectively doing the work of another rate hike.
Both the new and used vehicle markets are shattering records, but unfortunately, it’s the kind of record-breaking that’s causing headaches for buyers.
SUVs are becoming more popular by the day. In fact, according to Kelley Blue Book, more SUVs were sold in the U.S. last year than pickups and cars combined.
Ford is recalling more than 238,000 Explorers in the U.S. because a rear axle bolt can fail, potentially causing a loss of drive power or allowing the SUVs to roll away while in park. The recall comes after U.S. safety regulators opened an investigation into the problem after getting two complaints that repairs didn't work in two previous recalls this year and in 2022.
The Federal Trade Commission today announced a new proposed rule to prohibit junk fees, which are hidden and bogus fees that can harm consumers and undercut honest businesses. The FTC has estimated that these fees can cost consumers tens of billions of dollars per year in unexpected costs.
DETROIT (AP) — Hyundai and Kia are recalling nearly 3.4 million vehicles in the U.S. and telling owners to park them outside due to the risk of engine compartment fires.
Critics warn of 'destabilizing' consequences for financial system if lawsuit is successful. The Supreme Court will hear oral arguments next Tuesday in a case that could reshape the U.S. regulatory state, after a federal appeals court found the funding structure of the Consumer Financial Protection Bureau to be unconstitutional.
Ford is pausing work on a new, $3.5 billion electric vehicle battery plant in Michigan, even as the transition to electric vehicles has become a major sticking point in a United Auto Workers strike against automakers Ford, GM and Stellantis.
WASHINGTON (AP) — Since Federal Reserve officials last met in July, the economy has moved in the direction they hoped to see: Inflation continues to ease, if more slowly than most Americans would like, while growth remains solid and the job market cools.
Encouraging news of improving sales and affordability over the third quarter arrived amidst a backdrop of concern over a possible labor strike as the deadline for United Auto Workers leaders and Detroit-Three car manufacturers…
The Federal Reserve is likely to skip an interest rate hike when it meets this week, experts predict. But consumers may not feel any relief. The central bank has already raised interest rates 11 times since last year — the fastest pace of tightening since the early 1980s.
Down payments are lower, but approval rate decreased slightly. It grew easier to access a car loan in August -- the third straight month of easing standards. But credit availability is slowly recovering from record-tough conditions earlier this year. It remains historically difficult to qualify for a car loan.
Ford's electric division is expected to lose $4.5 billion more this year than previously expected, but the automaker is still dead set on making EVs work for it
If you’re in the market for purchasing a new home or taking on a business loan or personal loan, you’re likely finding it difficult to score the almost-2% APR we saw in 2020. That’s because the Federal Reserve has been hiking interest rates since March 2022 in an effort to cool inflation.
Last week, ADESA chief economist Tom Kontos discussed what might happen to the used-car market if a strike involving manufacturing plant workers who build new vehicles for the Big 3 OEMs happens next month. On Tuesday, Black Book noticed wholesale price implications already are starting to surface.
Prices and interest rates are high, but that’s not stopping — or even slowing — consumer demand for used vehicles, according to the latest report from Edmunds.
Financial stumbles may have long-lasting impacts on consumers whose credit scores have been affected by these trip-ups. This is evidenced in the report “The Credit Accessibility Series: The Credit Insecure Need More Education,” a PYMNTS and Sezzle collaboration, which explored the dollars and cents cost of being a subprime borrower.