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Dealership Profits Reached Record Levels in 2022
Profits per location for dealerships owned by public auto retailers reached an estimated $6.5 million, more than triple pre-pandemic levels, according to the Q4 2022 Haig Report. Experts believe that profits may have peaked as…
Silicon Valley Bank’s March 10th Collapse Prompts Historical Inquiry into Bank Failures, Yielding Fascinating Results
On March 10, 2023, in the second largest bank failure in US history, Silicon Valley Bank collapsed. The Federal Deposit Insurance Corp. stated that it has taken control of the bank via a newly created…
Small Businesses Turn to Non-Bank Lenders Amid High Cost of Capital and Tightening Loan Approval Rates at Big Banks
As interest rates on SBA and traditional term loans continue to rise, non-bank lenders are becoming an increasingly attractive option for small businesses. Although the cost of capital offered by big banks is still slightly…
Lithia Motors Outperforms AutoNation in 2022 for New Vehicle Sales, Securing Position as the Largest Dealership Group
Following a streak of acquisitions over the last few years, Lithia Motors has become the largest dealership group, outperforming AutoNation in new vehicle sales. While AutoNation has held the spot as the largest group in…
Ally Financial’s Automotive Net Charge-Offs Significantly Increased in 2022 Q4 Following Six Consecutive Quarters of Historically Low Levels
In 2022 Q4, net charge-offs exceeded 1.6% for the first time since 2017 Q4. Ally expects annualized net charge-offs will further increase to 2.2% by 2023 Q4. Covid era stimulus and the surge in used…
