Expectations of future conditions hit all-time low. Owners reporting inflation as biggest business problem highest since 1980. The National Federation of Independent Business (NFIB) Small Business Optimism Index dropped 3.6 points in June to 89.5, marking the sixth consecutive month below the 48-year average of 98. Small business owners expecting better business conditions over the […]
WTW Collaborates with Solera Audatex UK to Develop Inflation Predictions Tool
WTW (NASDAQ:WTW) announced the launch of new price inflation forecasting technology for auto insurers in the United Kingdom. The tool uses Audatex’s repair data, which covers 98% of all UK vehicles, augmented by machine learning and comprehensive historical data analysis by WTW. The technology has been developed to predict inflationary effects on vehicle repair costs […]
PartsTrader July 19 Webinar to Provide Industry Update, Examine Parts Inflation and Supply Chain Constraints
PartsTrader announced a virtual collision repair industry update event on July 19 at noon (EDT). This free, live, interactive event offers a way for industry professionals to get vital information about current trends affecting their business. “I’m looking forward to providing the latest information on our fast changing industry, and giving my thoughts on how […]
Consumer Sentiment Index Declined Over 10% in May
Pessimism on inflation overshadows optimism on personal finances. After voicing more positive views in April, consumer sentiment fell 10.4% in May, reverting to levels comparable to two months ago, according to the University of Michigan Surveys of Consumers. The Consumer Sentiment Index fell to 58.4 in the May 2022 survey, down from 65.2 in April […]
PPG CEO Details Inflation’s Impact on Coatings Business in CNBC Interview
In an interview yesterday morning on CNBC embedded below, Michael McGarry, chairman and CEO of paint supplier PPG, detailed the dramatic impact of inflation on its business and how the company plans to counter it. McGarry explained that the company experienced 25% cost inflation in the U.S. during the first quarter. Asked by CNBC […]
NADA Issues U.S. Auto Sales and Economic Analysis Following First Quarter 2022
Dealer association chief economist examines economic trends influencing auto industry. The National Automobile Dealers Association (NADA) has issued its analysis of U.S. auto sales and the economy following the end of the first quarter of 2022. “Inventory remains the biggest impediment related to U.S. auto sales,” said NADA chief economist Patrick Manzi. “And unfortunately, inventory […]
Consumer Sentiment Declined in March on Inflation Concerns
Consumers worried about inflation impact on real income. Strong employment views believed will support continued consumer spending. Consumer sentiment declined in March due to falling inflation-adjusted incomes, which was recently accelerated by rising fuel prices, according to the University of Michigan Surveys of Consumers. The Consumer Sentiment Index fell to 59.4 in the March 2022 […]
AutoClaims Direct Adds Per Assignment Fuel Credit to Help Appraiser Partners Battle Increasing Fuel Costs
AutoClaims Direct (ACD) announced a proactive measure put in place to counter the impact of rising fuel costs on its nationwide network of independent appraisers. “Beginning Wednesday, March 23, 2022 our network appraisers will receive a per assignment fuel credit that will help offset the increasing fuel prices,” announced Ernie Bray, CEO of ACD. “We’re […]
Insurance Association Reports Detail Skyrocketing Inflation Impacting Insurance Costs and Claims Times for Consumers
The American Property Casualty Insurance Association details how riskier driving habits and rising costs are impacting auto and property insurance and driving higher rates. Facing the fastest rise in inflation since the 1980s, along with rising auto and homeowners insurance losses and supply chain disruptions, insurers and consumers are experiencing strong upward pressure on insurance […]
Small Business Owner Optimism Down in January
Inflation reported as biggest problem, highest since 1981. The National Federation of Independent Business (NFIB) Small Business Optimism Index decreased slightly in January to 97.1, down 1.8 points from December. Inflation remains a problem for small businesses as 22% of owners reported that inflation was their single most important business problem, unchanged from December when […]