The auto title and registration software industry is undergoing a major digital transformation, with electronic titling (e-titling) rapidly gaining traction. The industry is on pace to process one million electronic titles, a clear signal of growing adoption. Key Industry Update: New Jersey's introduction of an electronic loan and title system will streamline car loan processing, making transactions faster and more efficient for both consumers and lenders. What This Means for Business OwnersThe rising demand for digital solutions, combined with favorable regulatory changes, is driving unprecedented growth in the sector. For business owners in auto title and registration software, this … [Read more...]

The truck leasing industry is gaining momentum, with rising freight rates and surging demand for used trucks signaling a strong market. Business owners in the sector should take note: these trends could present an opportune moment to explore strategic options, including a sale or partnership. 💡 What This Means for Business Owners For truck leasing operators, these trends create a favorable environment for M&A. Investors and strategic buyers are actively seeking scalable, high-margin businesses to capitalize on industry tailwinds. If you’ve been considering a sale, now may be the right time to start preparing. We want to hear from you! What trends are you seeing in the … [Read more...]

The premium finance industry is experiencing substantial expansion, with projections indicating an increase from $46.108 billion in 2023 to $51.437 billion in 2024, reflecting an 11.5% CAGR. This upward trajectory is expected to continue, reaching $79.72 billion by 2028, maintaining a steady CAGR of 11.6%. Several factors contribute to this growth, including the rising number of high-net-worth individuals, expansion in luxury goods and services sectors, increasing insurance premiums, and heightened interest in asset protection and real estate investments. Additionally, advancements in digital platforms, innovative financing solutions, improved risk assessment, and customer service … [Read more...]

As we set our sights on 2025, the automotive industry is set to navigate significant shifts, with Cox Automotive highlighting five transformative trends poised to shape the market. First, new vehicle sales are forecasted to reach 15.6 million units, a 3% increase from 2024, reflecting steady recovery in consumer demand. This growth is underpinned by improving inventory levels and stabilizing supply chains. Seasoned investors will note that this resurgence signals renewed market confidence and offers opportunities for investment in both production and retail infrastructure. Electric vehicles (EVs) are expected to account for 10% of the market by 2025, driven by advancements in charging … [Read more...]

The automotive sector is evolving, with dealers turning to technology-driven acquisition strategies to tackle inventory challenges and stay competitive. Tools like AI and predictive analytics are revolutionizing inventory management and supply chains, enabling smarter, data-driven decisions. In fact, 76% of dealerships report AI positively impacts sales and operations, and 55% have seen revenue grow by over 20% with AI integration. This shift isn’t just about survival—it’s about growth and differentiation. With 81% of dealerships planning to increase AI budgets by 2025, businesses that innovate are positioning themselves for higher valuations and sustained success. For investors, these … [Read more...]

 📈 Key Trends from Q3 2024: What It Means for Administrators and Agencies:As the market evolves, F&I administrators and agencies must continue to differentiate themselves through product innovation, operational efficiency, and alignment with dealership priorities. Consolidation trends also point to the need for strong partnerships and scalable platforms that can weather industry shifts. The data from Q3 paints a clear picture: now is the time to invest in capabilities that meet the changing demands of both dealerships and consumers. Whether it’s through digital tools, streamlined processes, or new product designs, administrators and agencies have an opportunity to drive … [Read more...]

The auto finance market is at a critical juncture, with affordability concerns, negative equity, and rising delinquencies reshaping consumer and lender dynamics. For business owners in the auto finance and dealership sectors, understanding these shifts is more crucial than ever—especially if you’re considering a sale in 2024. 🔑 Key Trends to Watch: What Does This Mean for Business Owners?Affordability pressures and rising risks create challenges—but also opportunities for innovation and strategic positioning. Lenders, dealerships, and service providers must adapt to maintain stability and consumer confidence. 💡 Considering a Sale in 2025?Now might be the ideal time to explore your … [Read more...]

Several leading U.S. equipment manufacturers are experiencing rising warranty costs, but are reducing warranty accruals on their financials (less set aside for future claims). However, companies like Paccar report growth in amortized revenue from extended warranties, while Trane highlights increased sales of new service contracts. These shifts indicate a growing reliance on extended warranties and service plans to manage costs and improve customer satisfaction. This strategic pivot by manufacturers signals both challenges and opportunities. As warranty expenses climb, manufacturers increasingly turn to extended warranties and service plans to manage costs and enhance customer … [Read more...]

Cox Automotive's latest forecast reveals U.S. auto sales are expected to grow by 2.2% in 2024, reaching 15.8 million units—a clear sign of sustained market momentum. With used-vehicle sales projected to rise another 1% in 2025 (to 37.8 million units), the automotive sector continues to showcase resilience and opportunity. What’s driving this growth? Increased vehicle availability and strategic discounting have reignited consumer demand, with December 2024 sales alone forecasted at 1.45 million units and a SAAR of 16.5 million units. These positive indicators point to ongoing strength in both new and used vehicle markets. What Does This Mean for Business Owners? For entrepreneurs in … [Read more...]

The EV market is undergoing transformative changes that promise to make electric vehicles more accessible to a broader consumer base. GM Energy’s introduction of the PowerBank, a home energy storage solution, showcases how integrating EVs into residential energy systems can enhance affordability. By offering modular energy storage that pairs with vehicle-to-home technology, PowerBank enables households to offset peak electricity costs and use stored energy during outages, further lowering the overall cost of EV ownership. This innovation highlights the synergy between renewable energy, cost efficiency, and energy resilience. Simultaneously, the declining prices of used EVs are reducing … [Read more...]

On October 30, Siemens announced its acquisition of Altair Engineering for $10 billion, the second-largest deal in the Digital Twin and industrial simulation market. With valuation multiples of 14x revenue and 31x Adjusted EBITDA, this landmark transaction reinforces the robust value potential in this transformative space as industry-specific knowledge combines with technological advancements, solving complex everyday solutions. The $113 per share cash offer represents a 19% premium to Altair’s unaffected share price. The deal is expected to yield $150 million in annual cost synergies by the second year and $500 million in revenue synergies by year three, potentially exceeding $1 billion … [Read more...]

The automotive dealership industry is undergoing a significant transformation as technology and AI redefine operations. Supply chain disruptions and fluctuating consumer demand have pushed dealerships to adopt technology-driven tools for smarter inventory management. According to Auto Remarketing, 71% of dealers are leveraging advanced technologies to optimize inventory. These platforms analyze real-time market data and customer trends, allowing dealerships to stock vehicles that match local demand, minimize overstock, and improve profitability. The ability to make data-driven purchasing decisions has become crucial for dealerships to navigate today’s volatile market landscape. AI is also … [Read more...]

Third-party cookies are tracking tools used by companies to monitor user behavior across websites for targeted advertising. Google, which controls about 65% of the global browser market, recently announced it would keep third-party cookies in Chrome, while allowing consumers to more easily opt out, delaying their complete phase-out until 2025. This shift reflects growing privacy concerns and a broader industry move toward first-party data collection via contextual targeting and pseudonymization, and privacy-compliant marketing strategies. As Google extends the lifespan of third-party cookies, marketers and agencies find themselves at a critical crossroad. A recent Lotame survey revealed … [Read more...]

The Registered Investment Advisor (RIA) sector has seen a significant uptick in M&A activity with 2023 recording one of the highest levels of M&A: 39 transactions in October 2024, breaking the previous record of 31 in a single month. Approximately 250 transactions have occurred in the last year with total deal values exceeding $20 billion. This surge is attributed to both a favorable interest rate environment and a strong market for financial advisors seeking to scale their operations. As firms aim to enhance their service offerings and expand their market share, strategic acquisitions are becoming a critical pathway for growth, allowing them to integrate new technologies and broaden … [Read more...]

Insights from the 2024 Deloitte-NASCIO Cybersecurity Study reveal that nearly 80% of state CIOs now regard cybersecurity as a top priority while National University studies indicate that 43% of cyber attacks target small businesses, making it clear that vulnerabilities affect organizations of all sizes. In the public sector, the Deloitte study underscores that 64% of state governments experienced a cyber incident in the past year, a stark reminder of persistent threats that can have far-reaching consequences—not just for state agencies but also for businesses that engage with them. Additionally, 70% of organizations report facing significant challenges in securing adequate funding for … [Read more...]

As we head into 2025, the global advertising landscape is set for significant growth—expected to jump by 10.5%, driven by: 🔑 At Colonnade Advisors, we are experts in guiding businesses through M&A and capital raising within the marketing space. With over two decades of experience, we help maximize value for business owners. … [Read more...]

The subprime auto loan market is facing significant challenges that reflect broader economic pressures. As inflation continues to rise and interest rates remain elevated, borrowers are experiencing increasing financial strain. Rising delinquency rates and high loan-to-value (LTV) ratios suggest that many consumers are overextending themselves financially. Additionally, a decline in new subprime loan originations indicates that lenders are tightening their credit standards in response to these risks. Delinquency rates surged to 8.5% in August, compared to 8.2% in July and 7.6% a year earlier. This upward trajectory indicates that borrowers are facing escalating financial pressures due to … [Read more...]

Consumers are facing a troubling rise in credit delinquencies alongside a slowdown in new lending activity. Factors such as inflation and increased living costs are straining household budgets, with only 44% of Americans able to cover an unexpected $1,000 expense without relying on credit, and 27% lacking any emergency savings. As new loans and credit accounts have declined across all products, the financial strain on consumers is becoming increasingly evident. The struggle to meet payment obligations has led to a 23% increase in car repossessions, underscoring the significant economic pressures affecting repayment capabilities. The latest AFSA C3 Index reveals mixed performance in the … [Read more...]

The debt collection industry is on the brink of a transformative shift, where adapting to digital innovation and heightened regulatory demands is no longer optional—it's essential for survival. One major trend is the rise of digital collection strategies, as agencies increasingly adopt AI and automation tools to streamline operations and improve customer engagement. These technologies not only enhance efficiency but also cater to a growing preference for digital communication among consumers. Additionally, regulatory scrutiny has intensified, with an increased focus on compliance and transparency, making it essential for collection agencies to maintain robust compliance frameworks to remain … [Read more...]

At the ILFA 2024 conference, a panel of judges emphasized that mandatory legal finance disclosure is unnecessary and could harm litigation efficiency. Judges highlighted that such disclosure rarely addresses conflicts of interest and disrupts case strategy. They advocated for in-camera reviews when needed, ensuring fair legal proceedings without hindering business claims. This dialogue reinforces the role of litigation finance in leveling the playing field in complex cases, particularly without forcing unnecessary disclosure. … [Read more...]

A recent study by WarrCloud shows the cost of processing new auto warranty claims increased by 28% since 2020. Processing a single claim now takes 47% more time, with dealerships seeing a 17% rise in claim volume. Factors like advanced vehicle technology and a rise in vehicle recalls are driving up these costs. Additionally, EV warranty work is also expected to grow in service departments, accelerating the need for warranty administrators to create new strategies to deal with more complex warranty work and claims, according to an article by Automotive News. In response to these factors, many dealerships are outsourcing claim processing to manage the growing expense and complexity, with … [Read more...]

Jobber’s 2024 Q2 Home Service Economic Report highlights that the Home Service industry experienced modest growth, primarily driven by an increase in average invoice size. The industry is expected to grow in the second half of 2024 as inflation cools and the Fed announced a rate cut of 50 basis points. The HVAC and plumbing segments are expected to continue to grow in the coming years due to the aging of US housing stock. Inflation easing, decreased interest rates, and aging housing stock will also drive the growth of the remodeling segment of the Home Services industry. … [Read more...]

Howden has launched the first Carbon Credits Warranty and Indemnity insurance policy in the warranty industry, covering the sale of carbon credits for a reforestation project in Ghana by Mere Plantations. This policy enhances trust in carbon credits, addressing concerns around their quality and governance, and encourages more investments in the carbon market. By ensuring the integrity of these credits, the policy allows Mere Plantations to sell them at a premium, setting a new benchmark for the voluntary carbon market. Howden has already marked their first sale of a policy, that being to Uniserve.  With governments increasing legislation around carbon emissions, per the US Office of … [Read more...]

Over the last three quarters, new vehicle loans have steadily increased, showing signs of a recovering market, while used vehicle loans have experienced consistent declines over the past two years. As new vehicles require larger loans and used vehicle financing tightens, this presents a key opportunity for dealerships to sell Vehicle Service Contracts (VSCs). Offering VSCs can ease customer concerns and provide added protection, especially in an inflationary environment with rising repair costs. … [Read more...]

The housing and mortgage markets, continue to face significant challenges. As of September, average mortgage rates remain high at 5.47% for 15-year loans and 6.35% for 30-year loans. Although these rates have decreased from over 7.00% in late 2023, they still pose affordability issues for prospective homebuyers. This high-rate environment, combined with ongoing inflationary pressures, has resulted in a cooling housing market. New and existing home sales in June were the lowest since July 2011, with total sales down 5.4% year-over-year. Inventory has increased to 1.32 million units but remains below the pre-pandemic average of 1.8 million units. In Q2 2024, the slight decline in the … [Read more...]

There are a lot of acronyms in insurance. Understanding the distinctions between IMOs, FMOs, NMOs, MGAs, and GAs is essential for navigating the industry effectively. IMOs (Independent Marketing Organizations) focus on recruiting agents and providing comprehensive resources, often with exclusive contracts from carriers and typically emphasize life insurance and annuities. FMOs (Field Marketing Organizations) take a localized approach, offering tailored training and marketing support to meet regional needs, and often specialize in health insurance products. NMOs (National Marketing Organizations) operate nationally, bridging carriers and agents by providing a wide range of products, … [Read more...]

Cashless payments in North America are set to expand significantly, with a 7% annual growth through 2028. Business-to-business non-cash transactions are projected to grow from $56.2 billion to $75.5 billion over this period. This growth is heavily supported by advancements in real-time payments systems such as the Federal Reserve's FedNow and The Clearing House’s RTP network, which enable faster, more secure transactions. Retailers are increasingly seeing a shift in customer preference toward faster and more secure payment methods, as convenience becomes a primary factor. With a focus on convenience being a factor for customer preference, digital and contactless payments, particularly … [Read more...]

Klarna is taking its lead generation strategy to the next level by harnessing generative AI. By integrating tools like Midjourney and DALL-E, Klarna has slashed its marketing costs by $10 million annually while boosting the effectiveness and frequency of its campaigns. 🎯 These AI-driven solutions enable rapid image creation, tailored to specific events, resulting in reduced production costs and higher engagement. But it doesn't stop there—Klarna is also leveraging AI across marketing and customer service, streamlining operations and improving conversion rates. This powerful combination of AI and leadgen is shaping a more cost-efficient and high-conversion future for the company. … [Read more...]

Private credit has rapidly evolved into one of the fastest-growing sectors in finance, expanding nearly tenfold in the past 15 years to reach almost $2 trillion by the end of 2023. Although this represents a small fraction of the broader fixed-income market, private financing continues to outpace traditional banking and public alternatives in terms of performance. The key drivers? Regulatory challenges faced by banks, the pullback from leveraged lending, and the expansion of private equity. As banks encounter increased competition from nonbank lenders, opportunities for collaboration are emerging. Banks have the potential to adapt by partnering with asset managers and insurers, focusing … [Read more...]

With electric vehicle (EV) demand slowing, Toyota is ramping up its focus on hybrid models. The automaker is now considering hybrids for its entire lineup, moving away from traditional gasoline-powered cars while sticking to its multi-pathway strategy of hybrids, EVs, and hydrogen fuel-cell vehicles. This pivot aims to leverage growing hybrid demand, cut regulatory costs, and allow more time to develop future green technologies. Toyota's approach could set the stage for a balanced transition in the auto industry, aligning with consumer preferences and regulatory pressures. What do you think—are hybrids the bridge we need for sustainable mobility? 📚 Sources: Reuters, EPA … [Read more...]

Great news for the reinsurance industry 🌟 Moody's has just upgraded its outlook for global reinsurers from stable to positive. The shift is driven by stronger commercial finance fundamentals—higher pricing, stricter underwriting policies, and healthier investment income. In response to recent crises and substantial losses, reinsurers have raised rates and narrowed coverage, resulting in greater financial stability. 📈 While price hikes are expected to slow, the industry’s solid balance sheets and favorable property reinsurance pricing are paving the way for continued growth in commercial finance. This outlook upgrade signals a promising future for the sector, providing opportunities for … [Read more...]

The Fix & Flip sector, part of the Business Purpose Lending industry, is experiencing significant M&A activity driven by: 1️⃣ 𝗔𝘁𝘁𝗿𝗮𝗰𝘁𝗶𝘃𝗲 𝗥𝗲𝘁𝘂𝗿𝗻𝘀: Short-term, high-yield loans and low loss profiles make this sector appealing for investors. 2️⃣ 𝗠𝗮𝗿𝗸𝗲𝘁 𝗖𝗼𝗻𝘀𝗼𝗹𝗶𝗱𝗮𝘁𝗶𝗼𝗻: Larger players are acquiring smaller lenders to expand their operations and take advantage of growing demand. 3️⃣ 𝗔𝗴𝗶𝗻𝗴 𝗛𝗼𝘂𝘀𝗶𝗻𝗴 𝗦𝘁𝗼𝗰𝗸: With the median age of U.S. homes rising, there's a strong demand for renovated properties, fueling investment in the Fix & Flip space. … [Read more...]

The U.S. commercial insurance industry experienced softer market conditions in the second quarter of 2024. The drop in premiums from Q1 to Q2 highlights the impact of increased competition in the commercial insurance market. According to the CIAB Quarterly Survey, the average premium rate across all lines fell by 2.1%, with some lines experiencing even more significant reductions. The average premium increase slowed to 5.2% in Q2 2024, which is the first time premium growth fell below 6.0% in 5 years. The $50+ billion insurance premium finance industry is closely correlated to the commercial insurance market. Given the decrease in average premium growth, select industry players in the … [Read more...]

The Lead Generation industry is booming across multiple sectors. Here are some top segments fueling this growth: 🏡 Home Improvement & Maintenance: Homes are getting older. 🚗 Automotive Services: Aged vehicles and expanded online car buying drive demand for repair and maintenance leads. 💳 Financial Services: Fintech and digital banking intensify the competition for mortgage, loan, and insurance leads. 🩺 Healthcare: Mental health and telemedicine are pushing the need for healthcare leads as online services rise. 🛒 Retail & E-commerce: The continued growth of online shopping is creating demand for personalized leads in e-commerce. Learn more about these sectors and … [Read more...]

AI is revolutionizing lead generation, making it more efficient, data-driven, and personalized. Here’s how AI is reshaping the industry: AI’s transformative power is leading to more M&A activity as companies aim to leverage these tools. … [Read more...]

A recent report from the CFPB reveals that Americans are paying millions in cash-back fees at retailers like Dollar General and Kroger just to access their own money. These fees are hitting hardest in communities with limited banking options, compounding consumer finance challenges and deepening economic inequality. As cash access points dwindle due to bank mergers and branch closures, the CFPB is calling for increased scrutiny on how these fees impact everyday consumers. This report raises important questions about fairness in consumer finance—how will we ensure financial inclusion in an evolving banking landscape? … [Read more...]

The unbundling of core banking systems, where traditional platforms are being replaced by specialized solutions, has led to expanded growth opportunities within the industry. The shift enables financial institutions to select and integrate best-of-breed technologies, enhancing flexibility and innovation while addressing specific operational needs and customer demands leading to more tailored and effective banking. By moving away from traditional systems, financial institutions can more quickly adopt and implement cutting-edge technologies and innovations internally or through acquisitions. As banks and fintech companies embrace this modular approach, they stand to benefit from increased … [Read more...]

The July 2024 Dealertrack CAI report highlights a significant decline in credit availability within the auto industry, impacting dealership operations and customer financing options. The All-Loans index continued to decrease to 92.9 in July down 1.5% on the year. This reduction is attributed to tightening credit standards and increased borrowing costs, which are making it more challenging for consumers to secure auto loans. As a result, dealerships may face slower sales and pressure to adjust their financing strategies. Tightening of credit availability underscores the need for industry stakeholders to navigate these changes by exploring alternative financing solutions and adapting to … [Read more...]

Federal Reserve Chair Jerome Powell stated in his August press conference that it is time for the central bank to consider cutting interest rates, marking a significant shift in policy. The move is driven by concerns over slowing economic growth and global trade tensions, particularly with China. Powell emphasized that while the U.S. economy remains strong, these external pressures necessitate a proactive approach to maintain stability. This potential rate cut would be the first since the 2008 financial crisis, reflecting a cautious outlook on the future economic landscape. … [Read more...]

A public survey of automotive dealer sentiment for Q2  2024 reveals a stable yet cautious outlook among auto dealers. Despite concerns stemming from a weaker-than-expected tax refund season and ongoing political and economic uncertainties, some positive indicators emerge, such as a slight increase in profit perceptions and improvements in customer traffic. However, rising costs and persistent price pressures pose challenges to dealers, alongside a mixed outlook for new and used vehicle sales. The sentiment regarding electric vehicle sales continues to decline, reflecting worsening perceptions in that segment. Concerns about the political climate, particularly as the U.S. presidential … [Read more...]

Access to auto loans continues to decline as lenders tighten credit standards due to economic uncertainty and rising delinquencies. According to the New York Fed, the denial rate for auto loans reached 14.2% in June 2023, the highest since 2017. Higher interest rates, inflation, and increased risk aversion among lenders are contributing to the reduced availability of credit, particularly affecting subprime borrowers. As a result, fewer consumers are able to secure financing for vehicle purchases, potentially impacting the auto market and the broader economy. … [Read more...]

Inventory of used construction equipment has rebounded to pre-pandemic levels. More equipment has become available as projects are completed, leading to a surplus in the market, amongst other factors, according to Equipment Finance News. The rise in inventory indicates a recovery in the construction sector, reflecting renewed activity and investment in infrastructure projects. Despite concerns about inflation affecting equipment prices, the availability of used machinery is seen as a positive sign for the industry's overall health and growth prospects moving forward. … [Read more...]

Global merger and acquisition deals reached $1.5 trillion in the first half of 2024, a 22% increase from the previous year, driven by a surge in US takeovers and large deals over $10 billion. Despite this increase in value, the total number of deals fell to a four-year low. The US led the activity with $796 billion in deals, while Europe saw a 43% increase and Asia-Pacific declined by 21%. Energy sector deals rose significantly, and financial services saw a 60% increase in deal volumes. Large firms are increasingly pursuing long-term plans amidst a stabilizing macroeconomic environment. … [Read more...]

Personal loans in the U.S. have reached historic highs in terms of interest rates, balances, and the number of loans. Over 23 million Americans currently hold unsecured personal loans, at an average balance of nearly $12,000. The average personal loan interest rate rose to 12.35% in Q1 2024, nearly 3% higher than three years ago. After a dip during the early COVID-19 pandemic, personal loan debt reached over $230 billion by June 2023, a 46% increase from March 2020 and 59% higher than June 2021, which has since come down to just under $150 billion by March 2024. … [Read more...]

In April 2024, wholesale prices for used vehicles dropped compared to the previous month and the same period last year. The Manheim Used Vehicle Value Index fell by 14.0% year-over-year to 198.4. Depreciation rates were higher than usual, with vehicles losing value faster than in past years. Luxury vehicles saw the smallest decline (12.9%), while compact cars had the most significant drop (17.6%) in prices compared to last year. EV values fell more sharply (17.5%) than non-EVs (13.1%) on a seasonally adjusted basis. Retail sales of used vehicles were estimated to be 4% lower than in March but 9% higher than the same period last year. Despite fewer sales, the average listing price for used … [Read more...]

In April, wholesale used-vehicle prices saw a decline compared to March, marked by a 14.0% drop in the Manheim Used Vehicle Value Index (MUVVI) from the previous year. This decrease, magnified by seasonal adjustments, reflected a broader trend of falling prices, with major market segments experiencing year-over-year declines. Retail used-vehicle sales dipped by 4% from March but showed a 9% increase compared to the previous year, accompanied by a 2% rise in average retail listing prices. Concurrently, consumer confidence took a hit in April, with declines across various indices, affecting perceptions of buying conditions for vehicles amidst rising gas prices. These shifts underscored a … [Read more...]

The private credit market is undergoing rapid growth, prompting closer scrutiny from the International Monetary Fund (IMF), according to a report by Pensions & Investments. Private credit, which includes loans to non-public companies, has expanded significantly in recent years, raising concerns about potential risks. The IMF warns that this market's lack of transparency and oversight could pose systemic risks to the financial system. Despite its potential benefits, such as providing capital to small and medium-sized enterprises, the IMF emphasizes better regulation and supervision to mitigate risks. This call for increased vigilance underscores the importance of monitoring the private … [Read more...]

The auto industry was responsible for 17% of global microchip purchases in 2023, up 3% year-over-year, according to World Semiconductor Trade Statistics (WSTS). This puts it ahead of consumer electronics and industrial sectors, behind only communications (32%) and PC/computer (25%). As vehicles become more complex, the need for chips has grown, with today’s cars containing between 1,000 and 3,500 microchips, according to the Semiconductor Industry Association. Chip production delays continue to challenge the auto market despite the rising demand. The semiconductor shortage of the past few years has eased significantly, but many auto manufacturers still need to prioritize where chips are … [Read more...]

The strong seller’s market in real estate continues to drive low sales of home warranties included as part of a real estate transaction, creating a significant opportunity for direct-to-consumer (DTC) home warranty companies.  In a buyer’s market, home warranties are often purchased by the seller of a home and offered to the buyer as part of a real estate transaction. The strong seller’s market since 2021 drove a significant decline in home warranties purchased by sellers. The percentage of homes sold with a home warranty fell from 28% in 2019 to 20% since 2021.  The reduction in attached home warranties created an opportunity for DTC companies to market to recent home buyers who … [Read more...]

Retail used-vehicle sales rose about 14% month-over-month in February and about 11% year-over-year for the strongest volume in nearly a year, highlighting a notable uptick in consumer demand. With tax season in full swing, customers are flocking to dealerships nationwide for reliable and affordable pre-owned vehicles. Dealerships across the United States are experiencing increased foot traffic and sales activity as tax refunds stimulate purchasing power. This trend is particularly evident in the pre-owned vehicle market, where customers are drawn to affordable options and reliable transportation. Analysts predict this momentum will persist throughout the tax season, driving robust sales for … [Read more...]

21% of auto finance leaders cite reduced fraud as the top benefit of automation in the lending process, followed by increased speed (19%), improved accuracy (18%), and lower costs (18%), according to an online survey of over 2,500 auto finance professionals by Informed.IQ. Despite these benefits, 44% of respondents have yet to incorporate AI into their workflows due to a lack of buy-in from the C-suite. Budget constraints and lack of knowledge or experience implementing automation into the lending process were among other top concerns. “Automation is not just a convenience; it’s a strategic imperative in today’s fast-paced environment,” Informed.IQ stated in a news release. “By … [Read more...]

As used vehicle prices continue to fall and net charge-offs increase, access to credit has declined.  According to a recent report by Cox Automotive, the Dealertrack Credit Availability Index fell to 93.0 in January down 3% year over year.  While credit access declined across all lenders, banks and credit unions saw the largest decrease, falling by 5.7% and 7.4% respectively. … [Read more...]

As used vehicle prices continue to fall and net charge-offs increase, access to credit has declined.  According to a recent report by Cox Automotive, the Dealertrack Credit Availability Index fell to 93.0 in January down 3% year over year.  While credit access declined across all lenders, banks and credit unions saw the largest decrease, falling by 5.7% and 7.4% respectively. … [Read more...]

Despite financial institutions' clear desire to harness the capabilities of generative AI technologies, less than 1 in 10 banks have successfully outlined a viable roadmap for their implementation. This disconnect underscores the challenges banks face in navigating the complexities of adopting and integrating generative AI into their operations. Key obstacles hindering the effective adoption of generative AI in banks include data privacy concerns, regulatory compliance, and the intricate nature of AI implementation. These challenges necessitate careful consideration and strategic planning to ensure that the benefits of generative AI are realized while mitigating potential risks. The … [Read more...]

Fraud is a growing concern for auto dealerships, with one fraud incident on average per year. Despite this, only 21% of dealerships verify identification properly. Many rely on photocopying driver's licenses (64%) rather than utilizing document authentication methods (33%). Additionally, the rise of online retailing exacerbates fraud risks. The financial impact is significant, with 59% of lenders requiring dealerships to repurchase loans in proven fraud cases. Sources: “Auto Lending Fraud Trends Report”, Point Predictive, 2023; eLend Solutions #InvestmentBanking #MiddleMarket #Finance #MergersAndAcquisitions #PrivateEquity #CapitalRaising #Auto #AutoDealership #CarSales #Fraud … [Read more...]

Auto Lenders are at risk for $8.1 billion in fraud annually because loans are financed based on applications containing misrepresentations. Identity theft is cited as the cause of 20% of fraud. Auto dealers are on the frontline of this problem and can pay the price. When auto lenders determine that the dealer could have prevented the fraud, 59% of lenders require that the dealers “buyback” the loan.  Sources: “Auto Lending Fraud Trends Report”, Point Predictive, 2023 #InvestmentBanking #MiddleMarket #Finance #MergersAndAcquisitions #PrivateEquity #CapitalRaising #Auto #AutoDealership #CarSales #Fraud #IdentityFraud … [Read more...]

Auto dealerships are experiencing longer vehicle turnover times, with an average of 50.2 days spent on car lots over the last twelve months, marking a 23% increase from the previous year. June and July 2021 saw the shortest turnaround, averaging only 32 days. This prolonged time on the lot drives up costs, with dealerships spending an estimated $40 per day for new vehicles and $85 for used ones. Consequently, there's a pressing need for dealerships to expedite vehicle sales to reduce inventory holding costs. #InvestmentBanking #MiddleMarket #Finance #MergersAndAcquisitions #PrivateEquity #CapitalRaising #Auto #AutoDealership #CarSales #Fraud #IdentityFraud … [Read more...]

84% of auto dealerships have experienced identity theft since COVID-19, costing the industry $700 mm annually. The remote nature of car retailing online, which accounts for 30% of sales, makes identity theft easier. Despite these risks, only 29% of dealerships employ proper identity document verification methods, with 64% relying on photocopies and only 33% using document authentication. Sources:  Wards Auto; “Auto Lending Fraud Trends Report”, Point Predictive, 2023; eLend Solutions; Consumers Embrace Online Car Buying, Progressive … [Read more...]

New and used vehicle loan-to-value (LTV) ratios fell 6.6% and 5.0%, respectively, in Q4 2023, according to Experian’s Q4 State of the Auto Finance Market. The average new vehicle MSRP rose to $41,703 in Q4 2023, up 3.6% year-over-year, while the average clean retail (ACR) value of used vehicles declined 2.0% year-over-year to $25,995. For new cars, the drop in LTV was largest for superprime borrowers, down 6.9% year-over-year, followed by prime at -4.6% and near prime at -3.1%. Superprime also saw the largest yearly decrease for used vehicles, down 5.6%, followed by deep subprime at -5.0%, then prime at -3.7%. As vehicle prices rose during the pandemic, many borrowers took on larger loans. … [Read more...]

There has been a significant spike in construction inventory during the month of January, indicating a potential uptick in construction activity. According to a report from Equipment Finance News, this surge in inventory suggests a growing demand for construction materials and equipment, reflecting optimism within the industry. The increase in inventory levels may be attributed to various factors such as infrastructure projects, residential construction, and commercial developments. Analysts believe that this rise in inventory could lead to increased construction spending and economic growth in the sector. Moreover, the data highlights the resilience of the construction industry amid ongoing … [Read more...]

Banks are adapting to the rapidly evolving landscape of the banking industry in 2024. There is heightened importance on agility and innovation in responding to emerging trends such as digitalization, changing customer preferences, and the rise of fintech competitors. Successful banks are investing in technology and digital infrastructure to enhance customer experiences, streamline operations, and remain competitive in the market. Banks are leveraging data analytics and artificial intelligence to personalize services, anticipate customer needs, and drive growth. By embracing a forward-thinking approach and prioritizing customer-centric strategies, banks are positioning themselves to thrive in … [Read more...]

New SEC disclosure rules are designed to bolster transparency and mandate private equity firms to divulge comprehensive details about their investments, fees, and potential conflicts of interest. This heightened transparency aims to enhance investor trust and attract more capital, yet it also poses challenges, such as increased compliance costs and potential industry consolidation as smaller firms adapt or merge with larger entities. Against the backdrop of financial sector volatility, the SEC's disclosure regulations will redefine how private equity firms operate. By requiring more extensive reporting, these rules seek to provide investors with deeper insights into fund activities and … [Read more...]

Respondents to a recent Dave Cantin Group and Kaiser Associates survey anticipate interest rate decreases in mid-to-late 2024 to release pent-up demand, leading to higher auto sales, particularly for those financing through both traditional and alternative methods. 68% expect to purchase a vehicle in the next year, while 27% reported putting off purchasing one over the last two years due high interest rates. A further 16% bought a cheaper vehicle due to higher financing costs. For their next purchase, 35% of consumers expect to use traditional financing, 12% expect to use alternative financing (such as peer-to-peer loans, manufacturer financing, etc.), while 42% will pay in full. The … [Read more...]

Our very own CEO, Gina Cocking, had the pleasure of being interviewed by Corey Kupfer on the DealQuest podcast. During their conversation, they delved into three key areas: (1) the significance of thorough preparation in deal-making, (2) the mindset required for effective deal-making and (3) the influence of freedom on both business and deal-making. … [Read more...]

Although 21% of lenders expect the leveraged credit market to ease in 2024, a plurality believe conditions will remain similar to 2023, according to a recent FTI Consulting survey of nearly 250 leveraged loan professionals. Furthermore, only 12% predict more relaxed underwriting standards, with most expecting them to remain largely unchanged over the next year. There was cautious optimism in the leveraged M&A market, with 38% of respondents expecting a “modest improvement” in deal activity. Non-bank lenders expected higher leveraged M&A activity than their bank lending counterparts.  … [Read more...]

Disciplined production, the ascendancy of electric vehicles (EVs), and the growing influence of online retailing are the major dealership trends identified by Cox Automotive. The industry will continue to be challenged by burgeoning vehicle inventories, escalating fleet volumes, and the proliferation of incentives. Despite record-breaking EV sales in 2023, Tesla has had to rely on substantial discounts and some legacy automotive companies are reassessing their EV strategies. Online players too are having challenges - for example, Vroom is reportedly winding down operations. … [Read more...]

The FCC recently adopted new laws requiring telemarketers to obtain consent to receive robocalls and robotexts one brand/seller at a time, rather than allowing a single instance of consent to apply to multiple brands. These regulations come after complaints by consumers who thought that they were only consenting to telecommunications from one single company, but then received messages and calls from multiple industry competitors. A bipartisan coalition of 29 Attorneys General filed a letter with the FCC in June 2023 urging for the rule to be enacted, and it was passed with a 4-1 vote on December 13. According to Michigan AG Dana Nessel, “This one-to-one consent rule will allow consumers to … [Read more...]

The FTC has finalized the Combating Auto Retail Scams (CARS) Rule, which aims to protect consumers during the car purchase process by preventing common scams, including bait-and-switch tactics and hidden junk fees. According to FTC estimates, the rule is expected to save customers more than 72 million hours and $3.4 billion annually. It also includes language protecting members of the military, who are frequent targets of predatory practices. The CARS Rule passed with a 3-0 vote and will take effect on July 30, 2024. NADA President and CEO Mike Stanton came out against the rule, arguing that it will “lengthen the car sales process by forcing new layers of disclosures and complexity into the … [Read more...]

AI is transforming the call center industry at lightning speed, redefining customer service as we know it and opening new frontiers for tech-driven investment opportunities. Studies from McKinsey Global Institute project that generative AI, capable of analyzing and anticipating customer needs, could drastically reduce the demand for traditional call center roles within a year. AI’s efficiency in addressing customer issues through predictive analysis and conversational bots points to a future where inbound calls may become rare, as most concerns are resolved proactively by AI before customer interaction is even needed. This shift underscores a major transformation in customer service delivery … [Read more...]

Nissan is significantly expanding their manufacturing capacity for electric vehicles through a $2.4 billion investment to add a gigafactory in the UK. The Japanese manufacturer plans to produce two additional EVs in their Sunderland facility to expand their offerings further, and their objective is to have an all-electric lineup in Europe by 2030. Nissan is focusing on a vision of carbon neutrality, and the new manufacturing facility will use renewable electricity from wind and solar farms. … [Read more...]

As the end of 2023 approaches, final estimates for production schedules indicate that global automakers will have cut nearly 2.5 million throughout 2023 from their forecasts. However, this represents a 43% reduction in vehicles cut from production schedules compared to the 4.3 million cut in 2022. Estimates for the remainder of the year call for a reduction of 8,100 vehicles in production lines, with 35% of those from North American facilities. … [Read more...]

A recent survey from Kaltura (NASDAQ: KLTR) found that 25% of marketers using AI tools reported a positive impact on lead generation. A further 41% noted an increase in leads generated that could be attributed to AI. At a broader level, 84% of marketing teams are seeing value from AI, with 69% having at least one paid AI service. These findings come during a time of wide-ranging adoption of AI across sectors. According to Lisa Bennett, Kaltura’s EVP of Marketing, “The fact that frequent users of AI tools are reporting measurable impact on key metrics such as content creation and lead gen this early in the era of AI shows that the true scale of change has yet to be realized. However, it’s … [Read more...]

Cox Automotive reported that auto credit became more accessible in October across all channels and most lender types. Cox stated that October was the third month in a row of improvement, though credit remains less accessible than it was in October 2022 and tighter than before the pandemic. The consumer credit scene is experiencing mixed patterns as the number of subprime equity shares of auto loans rose and the average loan terms lengthened, all of which increased consumer access.  However, the approval rate decreased and down payments grew, limiting consumer credit access. In October, Cox highlighted that the average loan rate increased by 16 basis points month-over-month and … [Read more...]

Whillet, a finance startup company, announced that it is rolling out an instant payment plan platform in the U.S. in collaboration with Visa. Whillet’s Instant Payment Platform uses VisaDirect’s real-time payment capabilities to make used car purchases secure and flexible. Through the collaboration, Whillet plans to offer solutions to improve payment processes in the used-car market. The Instant Payment Platform will be integrated into car dealership’s DMS systems offering payment support services. This service offering is aimed at reshaping the money movement game in car dealerships. … [Read more...]

Cox Automotive reported that U.S. electric vehicle sales grew to over 300,000 in September, a monthly record.  Cox also forecasts that the total number of electric vehicles sold this year will pass one million before the year ends, another record. Electric vehicle sales have increased for 13 consecutive quarters, and third quarter sales in 2023 were up 50% year-over-year. Cox attributes the growth to be driven by the launch of 14 electric vehicle models in Q3 along with price cuts from market leaders, such as Tesla. Tesla lowered prices in order to increase volume, which resulted in its third-quarter sales growing 20% year-over-year but lowered its market share to 50%. The … [Read more...]

According to Fitch Ratings, the percentage of subprime auto borrowers who were at least 60 days past due on their auto loans rose to 6.11% in September, the highest since 1994. Millions of subprime car owners are struggling to afford their car payments as interest rates continue to make loans more expensive. These rising delinquency rates may be indicating economic distress, specifically regarding the health of consumer spending. Margaret Rowe, senior director with the asset-backed securities group at Fitch said, “The subprime borrower is getting squeezed. They can often be a first line of where we start to see the negative effects of macroeconomic headwinds.” As delinquencies continue … [Read more...]

The percentage of auto loans financed at zero percent fell to just 1.1% in Q3 2023, down significantly from a high of 24.2% during that pandemic. According to Edmunds, for the three years before the pandemic, the average quarterly share of 0% loans was 7.1%. Driven by the surge in demand for vehicles, combined with higher interest rates, it has become less appealing for lenders to offer lower rates, with captive lenders regaining market share in the total financing market. Of the remaining 0% deals available, stringent eligibility requirements and shorter terms have excluded many potential borrowers. During the first three quarters of 2023, the average term for zero percent loans was 42.8 … [Read more...]

The response times by auto dealerships to website inquiries improved ~6% year-over-year, according to the 2023 Pied Piper PSI Internet Lead Effectiveness study. Pied Piper submitted customer inquiries, along with a name, email address, and local telephone number, to the websites of over 1,600 dealerships from 17 groups. Responses across channels were monitored over the next 24 hours. The majority of dealerships recorded faster response times compared to last year, with some top performers replying over 20% faster. The study’s findings highlight the importance that dealers place on the customer service aspect of the lead closing process. Per Pied Piper’s CEO, Fran O’Hagan, “What everyone has … [Read more...]

Following years of supply chain challenges and production schedule reductions, artificial intelligence poses potential productivity upsides for parts purchasing processes. One AI company, Arkestro, created predictive procurement software that helps companies eliminate two steps in the purchasing process. By allowing the AI to generate and analyze the quotes, purchasing departments can allocate time and resources to higher-level objectives, saving time and money while reducing ordering errors. … [Read more...]

According to Carfax, we have begun the most dangerous season for driving. 72% of U.S. drivers live in states where Fall is the peak season for accidents.  Several factors contribute to the increase including fewer daylight hours, slick roads caused by leaves, and nearly half of all deer crashes occurring during their mating season between October and December.  The week following Daylight Savings Time is especially dangerous as deer collisions increase 16%, leading to approximately $1.2 billion in damage annually. … [Read more...]

In recent weeks, auto manufacturers cut production estimates by 63,400 vehicles for 2023. Nearly 90% of the latest production schedule cuts were from North American auto manufacturers, with the remainder spread across Asia, South America, the Middle East, and Africa. While the microchip shortage has posed smaller headwinds for manufacturers in recent months, it is expected to remain an ongoing challenge into 2024. … [Read more...]

As of July 2023, the Mitsubishi Mirage is the last car model in the United States that can be purchased new for under $20,000. One year prior, nearly a dozen models in the market were available for under $20,000, but now all those models sell for higher prices. Including the Mitsubishi Mirage, there are only five vehicles priced under $25,000 and on average, U.S. vehicle buyers paid around $48,000 for new vehicles, according to Cox Automotive. … [Read more...]

U.S. housing starts hit a three-year low in August 2023 as high mortgage rates and U.S. treasury yields have hindered demand in recent months. Furthermore, builders are experiencing more difficulty accessing affordable financing, with lenders remaining cautious and continuing to tighten credit standards. The Commerce Department also reported that homebuilders’ confidence hit a five-month low in September 2023. According to economist Daniel Vielhaber, "August's home construction data appear to be showing some cracks in the armor of what has been one of the few strong indicators in the housing market recently… Still, it's important to note that there could be a noise component here as much of … [Read more...]

Following the Federal Reserve’s statement that higher rates are not going away soon, fintech share prices took tumbles in the market. The reason higher rates pose such a challenge for fintech’s is that in the wake of elevated rate environment, their own costs to borrow funds are higher leaving them little room to offer more attractive terms for consumers than normal banking institutions. As rates remain at higher levels, consumer discretionary spending decreases. Over the last few years fintech’s have generated generous returns on the buy-now-pay-later programs; however, these programs are expected to see less adoption as consumers slow down purchasing. Often times these programs are … [Read more...]

M2 money supply declined by roughly $1 trillion from July 2022 to April 2023. M2 has recovered from April lows, with M2 money supply up 0.9% (roughly $200 billion) from April 2023 to July 2023.  This recent recovery has been slow and steady, as M2 grew month over month in May, June, and July of 2023. … [Read more...]

The average new car buyer in America paid $48,334 in July 2023. Average new car transaction prices are $1,335 (2.7%) lower than they were at the start of the year, representing the largest January to July decline in average new car transaction price in a decade. … [Read more...]

On September 15, the Bank of Montreal announced it will be exiting the retail auto finance business as it looks to reposition its resources in areas where the bank’s “competitive positioning is the strongest”.  The announcement stated that the bank will stop making consumer vehicle loans but will continue to offer financing for automotive dealerships. A spokesperson at the bank said, “By winding down the indirect retail auto finance business, we have the ability to focus our resources on areas where we believe our competitive positioning is the strongest.” BMO also stated that this decision will result in results, but the company did not quantify the amount. … [Read more...]

According to Cox Automotive’s latest credit barometer reading, August auto loan available improved.  All loan channels except for new-vehicle loans saw loosened availability but were tighter year-over-year.  Cox’s All-Loans index rose to 99.1, the highest level since November 2022. Cox said that the negative-equity and subprime shares of auto loans grew, combined with narrowing yield spreads that increased consumer credit access.  However, average terms grew while down payments and approval rates fell. Credit access remains flat compared to February 2020 levels, but access remains harder than before the pandemic. … [Read more...]

Apple recently applied for a patent to develop a windshield with augmented reality capabilities. The company’s filings indicated that Apple has been working on this technology since 2015. Augmented reality overlays digital images over the real world using a variety of display technologies. Augmented reality can recognize physical reality and create graphics to interact with it. Apple’s system would use various sensors to gather information on the external environment to create a three-dimensional image of the vehicle’s surroundings. Data from a variety of cameras, including infrared, ultrasonic, visible light, and light-based scanning devices would also assist in the image … [Read more...]

Several days after Lithia announced plans to acquire the dealership and fleet business of U.K. dealership group Pendragon, Penske Automotive Group submitted a significant counteroffer. Lithia is expected to re-submit their offer to win the business to continue acquisition initiatives to reach $50 billion in annual revenue by 2025. … [Read more...]

The delinquency rate for car loans and credit cards has increased to the highest level in over a decade, a sign of financial stress among consumers as inflation and rising interest rates eat into household budgets. Lower-income earners are disproportionally feeling the pain of inflation, as they have already exhausted the savings they accumulated during the pandemic. Lower-income borrowers are resorting to credit cards to hold their finances together.  There are more credit card accounts open today than there were in 2019.  For the first time in history, Americans’ total credit card debt topped $1 trillion, according to the New York Fed. Source: Washington Post … [Read more...]

According to a recent survey by CDK, despite a significant interest from most automotive dealers, few have implemented AI solutions.  The most commonly used solutions, Parts Inventory Predictors and Consumer Credit Predictors, were used by only 10% and 7% of dealers respectively.  Dealerships would be most interested in implementing a Propensity to Buy Solutions, which predicts a buyer’s likelihood to purchase a vehicle based on their CRM profile.  Despite over 90% of dealerships interested in the solution, only 4% have implemented it so far. Moreover, 76% of all respondents have already implemented one or more AI-based applications in their dealership or plan to do so … [Read more...]

While AI has penetrated various aspects of the automotive industry, many dealers have yet to embrace it in the sales process. According to the J.D. Power 2023 U.S. Dealer Financing Satisfaction Study, 77% of dealership F&I teams see in-person interactions with sales reps as critical to increasing business with lenders. As noted by J.D. Power’s Patrick Roosenberg, one-on-one interaction with lending sales reps is still overwhelmingly preferred by finance teams. The caveat is that sales personnel “need to be prepared and the meetings need to be highly effective. When sales reps can clearly communicate current and upcoming programs and speak to the specifics of the dealership customer base, … [Read more...]

Illinois Gov. J.B. Pritzker recently signed Senate Bill 1896, which clarifies language regarding automotive retailing in the state. Licensed dealers are now explicitly permitted to “conduct sales activities, including the collection of electronic signatures, via the internet and deliver vehicles to a customer at the customer's residence or other suitable location, if the sale, lease, or delivery is requested by the customer.” Previous legislation, which was over 50 years old, did not formally address recent industry developments, such as home delivery and e-signing. Used vehicle retailer Carvana, which relies heavily on online sales and home delivery, was a major proponent of the bill, … [Read more...]

The Equipment Leasing and Finance Foundation’s Monthly Confidence Index for the Equipment Finance Industry reports a qualitative assessment of both the prevailing business conditions and expectations for the future as reported by key executives in the equipment finance sector. Industry confidence declined sharply in Q2, registering an index value of 40.6 in May 2023, the lowest index value reported since May of 2020. Recently, industry confidence has rebounded, with the August 2023 confidence index for the equipment finance industry standing at 50.4. … [Read more...]

The average age of cars and light trucks in the US continued to increase in 2023 to 12.5 years, up over 3 months from 2022. This marks the sixth consecutive year that the average vehicle age of the US fleet has increased. The vehicle service industry stands to benefit from the recent growth in average light vehicle age, as an older fleet will continue to require repair work and maintenance. … [Read more...]

Domestic automotive brands have rebuilt strong inventories ahead of a potential UAW strike. Stellantis, in particular, currently holds 136 days of supply at Dodge, 125 at Chrysler, 115 at Ram, and 95 at Jeep.  Historically, 60 days of inventory has been considered ideal.  UAW’s current contract is set to expire on September 14 as the two parties appear to remain far apart on terms.  The UAW most significant demands include a 46% raise over the four-year life of the contract, a return to traditional pension payment plans and a limits on the use of temporary workers and forced overtime. Source: Cox Automotive … [Read more...]

In June 2023, the average price of a new car rose to $46,265, 5.8% over Jun-22 and 8.5% above MSRP.  The strong demand for new vehicles and inflation has driven manufacturers to increase average MSRP by over 10% in the last year.  Despite the seemingly strong new vehicle market, UBS expects car production to exceed sales by 5 million vehicles, leading to price cuts near the end of the year. Sources: UBS, iseecars.com … [Read more...]

In June, new home listings declined 30.6% year over year to its lowest level on record excluding April 2020.  Homeowners remain hesitant to sell as the majority would incur a significantly higher interest rate on a new mortgage.  Approximately 9 in 10 homeowners have an interest rate on their mortgage below 6%, compared to an average 30-year-fixed mortgage rate in June of 6.71%.  … [Read more...]