Car insurance prices surge, auto credit access tightens, Hyundai/Kia theft fix is working

Hey everyone. From stricter FTC regulations to cybersecurity and A.I. consent… dealers are under the regulatory microscope like never before.

I talk all about it today on the CDG Podcast with Brad Miller, Chief Compliance and Regulatory Officer at ComplyAuto.

You can stream the full episode now on YouTube, Spotify, or Apple.

— CDG

1. Car insurance premiums keep going up...

The never-ending rise of car insurance premiums shows no signs of slowing down in 2024. Piggybacking off the increases experienced in 2023, drivers are facing yet another year of escalating costs.

The reasons? The price of parts and labor has risen meaningfully, forcing insurance companies to dig deeper into their pockets for repair claims. Meanwhile, severe weather-related claims have also inflated costs.

This double whammy means insurers are passing on the increased expenses to policyholders … Read more

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2. Auto loan access tightens in July as lenders grow cautious

Auto credit access declined for the fourth straight month, with July seeing tougher conditions for car buyers.

What’s happening: Approval rates are falling, interest rates are climbing, and subprime loans are harder to come by, making it more difficult for consumers to secure financing.

This tightening is widening the gap in the auto market. While those with cash or large down payments are still buying cars, many everyday consumers are being left out … Read more

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3. Software update cuts targeted Hyundai/Kia thefts in half

Hyundai and Kia are starting to curb the alarming rise in vehicle thefts with a crucial software update.

Driving the news: The update, aimed at fixing a security flaw that left over 20 models vulnerable, came years after the issue went viral on social media, leading to a surge in break-ins and property damage.

While the fix has drastically reduced thefts, consumers are left questioning why the fix took so long … Read more

• In the first half of 2024, U.S. Nissan dealership profitability plunged to the lowest level in nearly 15 years.

• GM reveals redesigned GMC Terrain as the brand’s entry-level model.

• BMW, Chrysler, and Toyota are among 142K vehicles recalled last week.

• Used cars to avoid buying according to Consumer Reports.

• Elon Musk’s interview with Donald Trump: “We shouldn’t vilify the oil and gas industry.”

Thanks for reading everyone.

— CDG