Economists report more positive than negative for Specialty business
While the primary audience for an Economic Forecast and Financial Forum earlier this month in Chicago was automotive, the speakers spent much of their time on economic trends that impact Specialty dealers as well. Check out a full report here, and below are some highlights:
- Melinda Zabritski, director of automotive credit at Experian, said that while
30- and 60-day delinquencies are still increasing, the rates at which they're going up are decreasing. And the highest delinquency rates are on loans originated in 2006 and 2007.
- From Ellen Hughes-Cromwick, senior economist for Ford Motor Co.: "Chronic deficits and debt" continue to drag down the economy and challenge retail sales, we've seen consumer spending increase in recent months
- Mark Vitner, managing director and senior economist for Wells Fargo Securities, cautioned that unemployment is likely to remain close to 10% through 2010. The economy is adding jobs, but that growth will be offset by more job hunters entering or re-entering the market. "High unemployment won't keep the economy from growing, but it may keep it from growing very fast," he said.
Chris Hood is a Senior Marketing Manager at Manheim and has 15 years' experience in auction, sports and event marketing