Spring Key Advisor. Dealer news and tips
|
|
- Roy Williamson
- 5 years ago
- Views:
Transcription
1 Spring 2017 Key Advisor Dealer news and tips
2 Executive Outlook U.S. auto and light truck sales recorded a record annual high in 2016, marking the seventh straight year of increased sales. Should dealers be planning for another good year or is the auto market due for a setback? And what impact if any will the new administration have on sales? The lead story in this quarter s newsletter focuses on the outlook for car sales in the coming year. Brett Hoselton, CFA, Managing Director and Senior Automotive Equity Research Analyst at KeyBanc Capital Markets Inc., believes the signs are positive that 2017 will be another solid year for auto and light truck sales in the U.S. Strength in four major drivers of the market a healthy domestic economy, significant pent-up demand for new autos, solid retail auto financing availability, and a favorable environment for leasing indicate that sales can remain at the 17- million-plus level, even in an uncertain political environment. Also in this quarter s newsletter is an article on how dealerships can build an appealing and personalized benefits platform to support employee recruitment and retention efforts. Many dealers across the country report that it s a challenge to keep positions filled, especially those in critical auto technician and customer service roles. From lost car sales to substandard customer service, the shortage of skilled talent and high turnover rates can do real damage to the bottom line. The article explores ways dealers can maximize the value of benefits to employees while meeting cost objectives. Craig Stickney Retail Services National Director Paul Cronin Commercial Services National Director 2
3 Leveraging Benefits to Attract and Retain Talent For Jeff Baca, finding talented people can be a challenge. We have to recruit aggressively to keep up with demand for auto technician jobs, the owner-operator of Boulder Hyundai says. My dealership has had to go outside Colorado to bring in qualified people, including hires from New York, Florida, and Illinois. Many dealers across the country report difficulties in keeping positions filled. According to the most recent NADA Dealership Workforce Study, annual auto dealership employee turnover runs at 40%, with turnover of millennials adults under the age of 35 reaching 52%. High recruiting and training expenses, lack of continuity with customers, lost vehicle sales dealers pay a steep price for high turnover and the shortage of talent, says Bill Hartz, Benefits Consulting Practice Leader at KeyBank Insurance and Benefits Services. Since healthcare insurance consistently ranks as the benefit most highly valued by employees, it s no surprise that dealers are exploring ways to maximize the value of employee benefits plans to attract and keep skilled people. High-deductible Plans and Voluntary Benefits Dealers who offer high-deductible health plans to their staff have been able to reduce their healthcare spending while providing a valuable employee benefit. Highdeductible plans are on the rise in employer offerings as either the single plan available or as one of two or more choices. Providing employees with the opportunity to save money on premiums and reduce the bite taken out of their paychecks, these plans appeal to a number of employees, especially those who are young and healthy or have savings available for unexpected costs. Paid completely or mostly by employees, voluntary benefits can be a cost-effective way to augment the total benefits package, KeyBank s Hartz notes. Some of the more popular policies provide insurance for accidents, short-term disability income, critical illness, vision and dental care. Policies complement high-deductible plans because benefits are paid directly to policyholders, allowing them to use the money for out-of-pocket expenses. Bill Hartz Benefits Consulting Practice Leader KeyBank Insurance and Benefits Services 3
4 Continued from page 3 Leveraging Benefits to Attract and Retain Talent Making a Difference with Benefits We try to provide benefits that really make a difference to our employees, says Jeff Davis of Davis Auto Group, which operates BMW, Jaguar, and Land Rover locations in the Cleveland metropolitan area. We offer core medical coverage with a traditional deductible and a high-deductible alternative, along with group life insurance benefits to our employees. In addition, we provide access to voluntary benefits. Most of our employees appreciate the supplemental benefits of vision and dental coverage we have a high take rate with these policies and we also offer voluntary disability and life insurance. I believe it s essential to provide health benefits through the dealership rather than send people to the Affordable Care Act exchanges, Boulder Hyundai s Baca remarks. Since the cost of living in our area is high, it s important to our employees to keep monthly premiums low. We offer a high-deductible insurance plan along with voluntary disability and dental insurance policies. Participation in our core insurance plan is weighted toward our older employees some workers are young enough to still be on their parents policies. Marlin Knight of Ron Bouchard Auto Stores which sells Acura, Honda, Chrysler, Dodge, Ram, Kia, and Nissan autos in five locations in Massachusetts believes that providing a competitive benefits plan helps the organization meet its staffing needs. We have an insurance package that includes medical with a traditional deductible, dental, life, accidental life, and short- and long-term disability, says the chief operating officer. We also provide access to voluntary benefits like cancer policies, which can be purchased by employees at discounted rates. From good benefits to ongoing training, we want to demonstrate to our people that we re committed to them. Exploring All the Options Finding new ways to manage costs can enable dealers to pass savings along to workers in the form of enhanced benefits or lower premiums. More and more employers are assessing self-insurance as an alternative to traditional insurance. By assuming the role of insurer, the dealer has the potential to save on premium costs while gaining the benefit of flexibility and control of plan design. Catastrophic claims can be mitigated by stop-loss coverage. A dealer may also join a captive program to share risks with other employers and achieve similar benefits. Dealers have a number of cost-effective options available to construct attractive benefits packages to attract and retain top talent. Exploring alternatives with a seasoned insurance and benefits specialist can help you find the right solutions for your circumstances. 4
5 Another Solid Year Ahead for Auto Sales Sales of new autos and light trucks in the U.S. hit a record high of million in 2016, marking the seventh straight year of rising sales. It was a good twelve months, and Brett Hoselton, CFA, Managing Director and Senior Automotive Equity Research Analyst at KeyBanc Capital Markets Inc., is optimistic that auto sales will continue to be at the 17-million-plus level in Brett Hoselton, CFA Managing Director, Senior Automotive Equity Research Analyst I believe that the U.S. auto industry remains well positioned and is heading toward another solid year, says Hoselton. My outlook is based on four major drivers of the market: a growing domestic economy, significant pent-up demand for new autos, positive developments in retail auto financing availability, and a favorable environment for leasing. While the newly inaugurated national leadership presents us with some unknowns in terms of policies, the net effect of any new measures shouldn t alter the fundamentally positive prospects for sales. A Growing Economy A growing economy spurs strengthening in the labor market, which in turn helps generate demand for autos, Hoselton says. U.S. gross domestic product (GDP) continued to expand in the second half of 2016, with much of the momentum coming from strong consumer spending propelled by wage gains, increases in employment and a more robust housing market. The labor market is an especially important factor in auto sales. There s a strong inverse correlation between initial unemployment claims trends and future economic growth, and the improved employment picture bodes well for a good sales year in Consensus forecasts point to a domestic economy that will continue to grow moderately this year. The Federal Reserve projects that the nation s GDP will expand 2.1% in 2017, while the Congressional Budget Office (CBO) expects that the economy will be up 2.3%. The employment picture remains rosy: The Federal Reserve projects that the unemployment rate will remain at a low 4.5% for the next three years. In addition, the Conference Board s U.S. Leading Economic Index indicates modest growth for the year, and consumer optimism is on the upswing. The final release of U.S. Sector PMI (Purchasing Manager Index) data from Market for 2016 reported a strong economic upturn in December an encouraging sign for And while the Federal Reserve raised rates in December 2016 and announced plans to lift them further, interest rates remain low by historical standards. It s widely expected that the central bank will proceed cautiously with any future rate hikes to avoid choking off moderate growth. Pent-up Demand Hoselton anticipates that pent-up demand for light vehicles will be a shot in the arm to sales over the next several years. Research tells us that normalized yearly U.S. auto and light truck demand today is approximately 16 million units, he notes. When unemployment was high in the aftermath of the Great Recession, people held on to their old cars and sales fell well below this level. We re still recapturing this unrealized demand as these delayed car purchases have only recently been coming back to the market. As we enter 2017, there are approximately 8 million vehicles in pent-up demand that will buttress normalized annual demand of 16 million vehicles through Hoselton notes that other positive factors could help push sales above the trendline. Trade-in values remain at or near record highs, he says. And affordability, as measured in terms of weeks of median family earnings to purchase an auto, has improved even as the average transaction price has increased. 5
6 Continued from page 5 Another Solid Year Ahead for Auto Sales Favorable Auto Credit Conditions Financing availability continues to improve as a stronger economy has enabled lenders to feel more comfortable about loosening credit standards for car loans. As a result, credit has become more readily available to borrowers especially subprime customers and auto loan originations have progressed at a brisk pace over the past few years. Subprime borrowers (<620 FICO score) are playing an important role in the expansion of new car sales, Hoselton observes. History has shown that auto loans are the most resilient consumer credit segment following an economic downturn. Subprime lending declined in the early part of this decade, and now with a steadily growing economy and more robust labor markets volumes are returning to pre-recession levels. The quality of lending has improved as today s subprime consumer is more reliable; according to a study by Equifax, deep subprime consumers (<550 FICO score) who have obtained an auto loan improved their scores by more than 50 points on average over a threeyear period. As a result, their potential credit risk relative to the interest rate they are paying was lowered. An improving economic and employment picture has led to a healthy credit quality environment. The New York Federal Reserve s Quarterly Report on Household Debt and Credit (November 2016) shows that the overall 90-plus day auto loan delinquency rate at the end of September 2016 was 3.6%, well below the level of 5.1% in first quarter Unemployment rates play a major role in auto loan delinquencies, and the two are closely connected, notes Hoselton. When unemployment rates fall, auto delinquencies decline. I believe delinquency rates should remain at or around current levels as a result of improving unemployment rates and a positive economic growth outlook. 6
7 Continued from page 6 Another Solid Year Ahead for Auto Sales Lease Expirations and Penetration Increasing lease expirations and lease penetration are a tailwind to both new and used vehicle sales. Lease expirations are projected to increase 56% from 2.5 million in 2015 to 3.9 million by Since monthly payments for a lease are below those financed with a traditional loan, more than 80% of returning lessees will lease a new vehicle, providing solid support for new vehicle demand. Lease Expirations projected In addition, according to Experian, the lease penetration rate for new car acquisitions has been increasing, rising from 16.1% in 2009 to nearly 30% as of the third quarter in This tailwind will be partially offset by rising new vehicle monthly payments and diversion to used vehicles, as used vehicle prices will likely decline, resulting in lower lease residuals, lower trade-in values, and a wider spread between new and used vehicle sale prices rd Quarter 2.5 million 16.1% 3.9 million Lease Penetration Rate 30% Impact of the New Administration The surge in the stock market following Donald Trump s November 8 election victory reflected a dramatic rise in optimism about the economy and jobs. Some observers had been worried that the post-recession recovery was running out of steam, Hoselton remarks. Every indication is that the new administration and a GOP-controlled Congress intend to pursue pro-business policies that will keep the economy moving forward. Trump s stated plan to spark growth is based on tax cuts, regulatory reform, infrastructure spending, and a new focus on export-led trade. We ve grown at such a slow rate that the U.S. economy shows no signs of overheating, and new policies may help us pull the expansion along even further. In addition, the mood is upbeat now. Confidence is riding high, and that can be a powerful stimulus for continued GDP growth and auto sales. Trump has publicly challenged the auto industry, with his attacks centered on prodding auto makers to invest in domestic facilities and keep production and jobs in the U.S. Trump has talked about a wide range of protectionist measures that, if implemented, could affect costs for autos and light trucks and potentially affect sales, says Hoselton. But no specific proposals are set in stone now, and the final mix of policies is unknown. Plus, the immediate impact of policy changes on domestic auto manufacturers is likely to be low. It takes years to move from concept to implementation on major production decisions, and no manufacturer is making significant changes to capital expenditure plans now. Frankly, much of what s going on in the public space is political theater, and I believe a lot of the conciliatory announcements and remarks made by auto makers are primarily for public consumption. From my perspective, these front-page conversations between the administration and auto manufacturers aren t likely to have any real impact on a dealership s strategies and plans for In summary, 2017 is shaping up to be a good year. While auto sales would be adversely affected if the economy tanks and unemployment rises significantly, the risks of a recession appear low at this time. The signals today indicate that the economy is on track to expand at a moderate pace, unemployment should stay low, and conditions for auto credit and lease financing remain favorable. All in all, a pretty good environment for new auto and light truck sales as we start the year. As a service to our clients, KeyBank is providing this brief overview to raise client awareness. KeyBank does not make any warranties regarding the results obtained from the use of this information. The information and recommendations contained herein is compiled from sources deemed reliable but is not represented to be accurate or complete. In providing this information, neither KeyBank nor its affiliates are acting as your agent, broker, advisor, or fiduciary, or is offering any tax, accounting, or legal advice regarding these instruments or transactions KeyCorp. KeyBank is Member FDIC. All credit products are subject to credit approval
Spring Key Advisor. Dealer news and tips
Spring 2018 Key Advisor Dealer news and tips Executive Outlook We ve experienced an active buysell market for auto dealerships over the last several years, with a number of stores changing hands and even
More informationTHE USED VEHICLE MARKET: BUMPS ON THE ROAD AHEAD CHARLES CHESBROUGH SENIOR ECONOMIST AND SENIOR DIRECTOR OF INDUSTRY INSIGHTS JUNE 2017
THE USED VEHICLE MARKET: BUMPS ON THE ROAD AHEAD CHARLES CHESBROUGH SENIOR ECONOMIST AND SENIOR DIRECTOR OF INDUSTRY INSIGHTS JUNE 2017 Introduction Charles Chesbrough Senior Economist and Senior Director
More informationUnderstanding The Importance Of Regularly Monitoring Collateral Risk Levels
Understanding The Importance Of Regularly Monitoring Collateral Risk Levels Auto lenders have had a spike in volume since the recession because of pent-up consumer demand to replace aging vehicles and
More informationFall Key Advisor. Dealer news and tips
Fall 2015 Key Advisor Dealer news and tips CEO Outlook By Gregg Strong When we think about estate planning, many of us focus on how to minimize taxes when assets transfer to our heirs and beneficiaries.
More informationRobinson Digital Marketing & Data Analytics. United States 2018 Economic Forecast Report
Robinson Digital Marketing & Data Analytics United States 2018 Economic Forecast Report December 12, 2017 Edition Robinson Digital Marketing & Data Analytics Amos B Robinson, Principal, Digital Marketing
More informationTHE NEW ECONOMY RECESSION: ECONOMIC SCORECARD 2001
THE NEW ECONOMY RECESSION: ECONOMIC SCORECARD 2001 By Dean Baker December 20, 2001 Now that it is officially acknowledged that a recession has begun, most economists are predicting that it will soon be
More informationA Line of Credit Might Be the Largest Financial Commitment of Your Life, But It Can Unlock the Full Potential of Your BHPH Operation
Worth the Effort A Line of Credit Might Be the Largest Financial Commitment of Your Life, But It Can Unlock the Full Potential of Your BHPH Operation By Paxton Wright One of the keys to operating an auto
More informationWEEKLY GUIDANCE ON ECONOMIC AND GEOPOLITICAL EVENTS December 18, 2018 Are Rising Household Debt Concerns Warranted?
Craig P. Holke Investment Strategy Analyst WEEKLY GUIDANCE ON ECONOMIC AND GEOPOLITICAL EVENTS December 18, 2018 Are Rising Household Debt Concerns Warranted? Key takeaways» Concerns have risen about the
More informationGlobal PMI. Global economic growth kicks higher at start of fourth quarter but outlook darkens. November 14 th 2016
Global PMI Global economic growth kicks higher at start of fourth quarter but outlook darkens November 14 th 2016 2 Global PMI at 11-month high in October Global economic growth kicked higher at the start
More informationFOURTH QUARTER EARNINGS SEASON
LPL RESEARCH WEEKLY MARKET COMMENTARY KEY TAKEAWAYS We expect a solid fourth quarter earnings season and believe a 14 16% year-over-year increase in S&P 5 earnings is achievable. Economic surprises, strong
More informationGLOBAL ECONOMICS GLOBAL AUTO REPORT
Improving Canadian Auto Loan Market Fundamentals CONTACTS Global sales accelerate further. Subprime auto loans decline in Canada, but lending to higher credit scores picks up. Canadian subprime loans account
More informationU.S. Commercial Real Estate Valuation Trends
The NAIC s Capital Markets Bureau monitors developments in the capital markets globally and analyzes their potential impact on the investment portfolios of U.S. insurance companies. A list of archived
More informationThe Equifax Economic and Credit Markets Outlook
The Equifax Economic and Credit Markets Outlook A CUNA Roundtable Amy Crews Cutts SVP- Chief Economist, Equifax May 15, 2014 Comments on the Economic Outlook General forecast is that economic growth accelerates
More informationMelinda Zabritski, Director of Automotive Credit
State of the Automotive Finance Market First Quarter 2012 Melinda Zabritski, Director of Automotive Credit Experian and the marks used herein are service marks or registered trademarks of Experian Information
More information2Q Middle Market Indicator
2Q 2014 Middle Market Indicator Middle Market Indicator from The National Center for the Middle Market The Middle Market Indicator (MMI) from The National Center for the Middle Market is a quarterly business
More informationSEMA INDUSTRY INDICATORS
SEMA INDUSTRY INDICATORS JULY 2018 The first half of 2018 is now in the books and the economy has shown resilience in the face of a myriad of concerns. These fears have included low overall economic growth
More informationAfter housing s best year in a decade, what s next?
DECEMBER 2016 After housing s best year in a decade, what s next? The year is drawing to a close and it is time to take stock of where housing and mortgage markets have been and where they likely are headed.
More informationQUARTERLY INDICATORS Southern Nevada Business Confidence Index
Third Quarter 2018 Economic Outlook: Global, National, and Local U.S. real gross domestic product (GDP) for the first quarter of 2018 expanded at an annualized rate of 2.0 percent, after three consecutive
More informationInterest Rates Headed Higher. What that Means for Housing.
NOVEMBER 2016 Interest Rates Headed Higher. What that Means for Housing. Interest rates surged higher over the past two weeks following the U.S. presidential election. The 10-year Treasury closed at 2.35
More informationCORPORATE BEIGE BOOK COMMENTARY
LPL RESEARCH WEEKLY MARKET COMMENTARY December 11 217 CORPORATE BEIGE BOOK UPBEAT AS EXPECTED John Lynch Chief Investment Strategist, LPL Financial Jeffrey Buchbinder, CFA Equity Strategist, LPL Financial
More informationSTABILITY AMID CHANGE Benefits in State and Local Government. Insights from MetLife s 14th Annual. U.S. Employee Benefit Trends Study
STABILITY AMID CHANGE Benefits in State and Local Government Insights from MetLife s 14th Annual U.S. Employee Benefit Trends Study 14th Annual U.S. Employee Benefit Trends Study PEACE OF MIND IN TIMES
More informationA Snapshot of Small Business Enthusiasm: Part 1
Michael Taylor, CFA Investment Strategy Analyst Ken Johnson, CFA Investment Strategy Analyst WEEKLY GUIDANCE ON ECONOMIC AND GEOPOLITICAL EVENTS A Snapshot of Small Business Enthusiasm: Part 1 January
More information61.9 (June: 63.6 all-time high, revised)
NAM MANUFACTURERS OUTLOOK SURVEY THIRD QUARTER 2018 OCTOBER 5, 2018 Percentage of Respondents Positive About Their Own Company s Outlook 92.5% (June: 95.1% all-time high) Four-Quarter Average: 93.9% *
More informationLeeds Business Confidence Index
Fourth Quarter 2017 Volume 10, number 4 colorado.edu/business/brd Leeds Business Confidence Index Cools Ahead of Q4 2017 The Leeds Business Confidence Index (LBCI) captures Colorado business leaders expectations
More informationNATIONAL ECONOMIC OUTLOOK
November 2017 NATIONAL ECONOMIC OUTLOOK Gus Faucher Stuart Hoffman William Adams Kurt Rankin Mekael Teshome Chief Economist Senior Economic Advisor Senior Economist Economist Economist THE PNC FINANCIAL
More informationLender Solutions White Paper: Not All Vehicles Depreciate Alike
Lender Solutions White Paper: Not All Vehicles Depreciate Alike The current automotive landscape has proven to be very interesting for lenders as continued pent-up demand is driving expanded growth for
More informationGus Faucher Stuart Hoffman William Adams Kurt Rankin Chief Economist Senior Economic Advisor Senior Economist Economist
August 18 Gus Faucher Stuart Hoffman William Adams Kurt Rankin Chief Economist Senior Economic Advisor Senior Economist Economist Executive Summary Excellent Second Quarter Growth as Labor Market Continues
More informationEconomic Views Brief OPTIMISM DOMINATES THE 2018 OUTLOOK.
Economic Views Brief Russell T. Price, CFA, Senior Economist December 14, 2017 OPTIMISM DOMINATES THE 2018 OUTLOOK. The U.S. economy appears set to enter 2018 with good momentum and solid fundamentals.
More informationECONOMIC OUTLOOK AND THE US LODGING INDUSTRY. Aran Ryan Director Tourism
ECONOMIC OUTLOOK AND THE US LODGING INDUSTRY Aran Ryan Director aran.ryan@tourismeconomics.com @AranRyan1 March 22, 2017 Some historical perspective Room demand expansion continues Pace of demand growth
More informationEconomy Ends 2016 Strongly, Liberals Gaining On Conservatives
Economy Ends 2016 Strongly, Liberals Gaining On Conservatives January 11, 2017 by Gary Halbert of Halbert Wealth Management 1. US Consumer Spending Hit Nine-Year High in December 2. US Economic Confidence
More informationGLOBAL ECONOMICS GLOBAL AUTO REPORT
Improving US Household and Business Fundamentals Point to Higher Sales Ahead Emerging markets drive global sales gains, amid temporary US weakness. CONTACTS Carlos Gomes 1..73 Scotiabank Economics carlos.gomes@scotiabank.com
More information1. The National Wages Council (NWC) has completed its deliberations on wage and wage-related guidelines for 2009/2010.
NATIONAL WAGES COUNCIL GUIDELINES 2009/2010 1. The National Wages Council (NWC) has completed its deliberations on wage and wage-related guidelines for 2009/2010. 2008 Economic, Labour Market, Productivity,
More informationConsensus Forecast 2010 and 2011
Consensus Forecast 2010 and 2011 Seventeenth Annual Automotive Outlook Symposium Detroit, Michigan June 4, 2010 William Strauss Senior Economist and Economic Advisor Federal Reserve Bank of Chicago Review
More informationCalifornia Policy Review
California Policy Review W I N T E R 2 0 0 5 Forecast Highlights The six county Sacramento region (including Sacramento, Placer, El Dorado, Yolo, Sutter, and Yuba Counties) continued to add jobs through
More informationSTEPS TO FINANCING YOUR FIRST VEHICLE Route 23, Butler, NJ PrecisionChrysler.com POWERHOUSE ROUTE
STEPS TO FINANCING YOUR FIRST VEHICLE ROUTE 1341 Route, Butler, NJ 07405 888-313-2410 PrecisionChrysler.com STEPS TO FINANCING YOUR FIRST VEHICLE Introduction Well, you finally did it. After hours of research
More informationKey takeaways. What it may mean for investors FIRST A NALYSIS NEWS OR EVENTS T HAT MAY AFFECT Y OUR INVESTMENTS. Global Investment Strategy Team
FIRST A NALYSIS NEWS OR EVENTS T HAT MAY AFFECT Y OUR INVESTMENTS Global Investment Strategy Team February 5, 2018 Market Sell-off What Investors Need to Know Now Key takeaways» A swift climb in the 10-year
More information2018 ECONOMIC OUTLOOK
LPL RESEARCH WEEKLY ECONOMIC COMMENTARY December 4 207 208 ECONOMIC OUTLOOK EXPECT BETTER GROWTH WORLDWIDE John Lynch Chief Investment Strategist, LPL Financial Barry Gilbert, PhD, CFA Asset Allocation
More information56 % Annual CFO Survey Report 2015
Key corporate decision-makers continue to view U.S. economic growth with optimism; many investing in their businesses with confidence Five years ago, top business decision-makers had little hope for short-term
More informationSupport Your Drivers Health and Financial Well-Being
TRANSPORTATION INDUSTRY GUIDE 1: Support Your Drivers Health and Financial Well-Being Two key strategies to help attract the best drivers and keep them healthy and productive Advocacy Tailored Insurance
More informationMONTHLY NEWSLETTER MARCH 2018
MONTHLY NEWSLETTER MARCH 2018 Welcome to "The Advisor" March Newsletter. In this issue we will touch on the potential for rising interest rates and how it may impact you for retirement. Also, the volatility
More informationQUARTERLY INDICATORS Southern Nevada Business Confidence Index
Fourth Quarter 2017 Economic Outlook: Global, National, and Local U.S. real gross domestic product (GDP) for the second quarter of 2017 rebounded robustly, increasing at a 3.1 percent annualized rate.
More informationBMW Group Corporate and Governmental Affairs
4 August 2009 - Please check against delivery - Statement by Dr. Friedrich Eichiner Member of the Board of Management of BMW AG, Finance 4 August 2009, 10:00 a.m. Ladies and Gentlemen, Now I would like
More informationKey Takeaways. What it May Mean for Investors WEEKLY GUIDANCE ON ECONOMIC AND GEOPOLITICAL EVENTS
WEEKLY GUIDANCE ON ECONOMIC AND GEOPOLITICAL EVENTS Craig P. Holke Investment Strategy Analyst Paul Christopher, CFA Head Global Market Strategist July 11, 2017 Does Rising Mortgage Debt Signal an Economic
More informationINVESTOR PRESENTATION
The Hartford Financial Services Group, Inc. November 2015 INVESTOR PRESENTATION Copyright 2015 by The Hartford. All rights reserved. No part of this document may be reproduced, published or posted without
More information12 Trends Influencing the Future of Workplace Benefits
12 Trends Influencing the Future of Workplace Benefits E M P LOYE E S U RV E Y OV E RV I E W 2 The 2018 Aflac WorkForces Report is the eighth annual study examining benefits trends and attitudes. The study
More informationGlobal Equities PUTTING RECENT MARKET VOLATILITY IN PERSPECTIVE
PRICE POINT February 2018 Timely intelligence and analysis for our clients. Global Equities PUTTING RECENT MARKET VOLATILITY IN PERSPECTIVE KEY POINTS The upswing in equity market volatility can be attributed
More informationGlobal Financial Crises and the U.S. Economy: A Monetary Policymaker's Perspective
U.C. San Diego The Dean's Roundtable on International Affairs UCSD Faculty Club San Diego, California For delivery Wednesday, April 7, 1999, at approximately 8:40 a.m. PDT (10:40 a.m. EDT) by Robert T.
More informationThe U.S. and Regional Economic Outlook. A. It s always a pleasure to meet with the Portland Rotary Club.
Presentation to the Portland Rotary Governor Hotel, Portland, Oregon By Robert T. Parry, President and CEO of the Federal Reserve Bank of San Francisco For delivery November 25, 2003, 12:45 PM Pacific
More informationRecap of 2017 Markets and Economy
Welcome to 2018! As always, our primary goal this year is to continue our tradition of helping clients achieve their personal financial goals. To make that process more efficient, please review the 2018
More informationExplore the themes and thinking behind our decisions.
ASSET ALLOCATION COMMITTEE VIEWPOINTS First Quarter 2017 These views are informed by a subjective assessment of the relative attractiveness of asset classes and subclasses over a 6- to 18-month horizon.
More informationBaseline U.S. Economic Outlook, Summary Table*
July 218 Gus Faucher Stuart Hoffman William Adams Kurt Rankin Chief Economist Senior Economic Advisor Senior Economist Economist Executive Summary Economy Continues to Expand in Mid-218, But Trade Remains
More informationQUARTERLY INDICATORS Southern Nevada Business Confidence Index
Second Quarter 2018 Economic Outlook: Global, National, and Local U.S. real gross domestic product (GDP) for the fourth quarter of 2017 expanded at an annualized rate of 2.9 percent, after two consecutive
More informationNFIB SMALL BUSINESS. William C. Dunkelberg Holly Wade SMALL BUSINESS OPTIMISM INDEX COMPONENTS
NFIB SMALL BUSINESS ECONOMIC TRENDS William C. Dunkelberg Holly Wade June 211 Based on a Survey of Small and Independent Business Owners SMALL BUSINESS OPTIMISM INDEX COMPONENTS Seasonally Change From
More informationFed Delivers Another December Rate Hike
Fed Delivers Another December Rate Hike December 14, 2017 by Chris Molumphy of Franklin Templeton Investments The US Federal Reserve delivered another interest-rate hike at its December monetary policy
More informationCOMPTROLLER LEMBO REPORTS EARLY INDICATIONS THAT STATE COULD END FISCAL YEAR 2019 IN SURPLUS
COMPTROLLER LEMBO REPORTS EARLY INDICATIONS THAT STATE COULD END FISCAL YEAR 2019 IN SURPLUS Comptroller Kevin Lembo today said that there are reasons for cautious optimism that the state could end Fiscal
More informationLeeds Business Confidence Index
First Quarter 2018 Volume 11, number 1 colorado.edu/business/brd Leeds Business Confidence Rebounds Ahead of Q1 2018 The Leeds Business Confidence Index (LBCI) captures Colorado business leaders expectations
More information2017 Mid-year US Equity Outlook: Rattle and Hum
2017 Mid-year US Equity Outlook: Rattle and Hum July 5, 2017 by Liz Ann Sonders of Charles Schwab Key Points We may be witnessing an extreme version of "gridlock is good" with record-setting partisan conflict.
More informationThe Economic Recovery and Monetary Policy: Taking the First Step Towards the Long Run
The Economic Recovery and Monetary Policy: Taking the First Step Towards the Long Run Esther L. George President and Chief Executive Officer Federal Reserve Bank of Kansas City Santa Fe, New Mexico June
More informationAnother Strong Jobs Report, But Economy Remains Weak
Another Strong Jobs Report, But Economy Remains Weak August 9, 2016 by Gary D. Halbert of Halbert Wealth Management IN THIS ISSUE: 1. July Jobs Report Stronger Than Expected, 2 Month in a Row 2. The Real
More informationGus Faucher Stuart Hoffman William Adams Kurt Rankin Chief Economist Senior Economic Advisor Senior Economist Economist.
January 218 Gus Faucher Stuart Hoffman William Adams Kurt Rankin Chief Economist Senior Economic Advisor Senior Economist Economist Executive Summary Another Fed Rate Hike in December, Inflation Remains
More informationGus Faucher Stuart Hoffman William Adams Kurt Rankin Mekael Teshome Chief Economist Senior Economic Advisor Senior Economist Economist Economist
July 217 Gus Faucher Stuart Hoffman William Adams Kurt Rankin Mekael Teshome Chief Economist Senior Economic Advisor Senior Economist Economist Economist Executive Summary Job Growth Picked Back Up Again
More informationNAM MANUFACTURERS OUTLOOK SURVEY FOURTH QUARTER 2018 DECEMBER 20, 2018
NAM MANUFACTURERS OUTLOOK SURVEY FOURTH QUARTER 2018 DECEMBER 20, 2018 Percentage of Respondents Positive About Their Own Company s Outlook 88.7% (October: 92.5%) 2018 Annual Average: 92.4% (all-time high)
More informationThe Beige Book. Summary of Economic Activity
The Beige Book Eighth District August 2017 Summary of Economic Activity Economic conditions have improved at a modest pace since our previous report. District labor market conditions continue to improve,
More informationGlobal Economic Outlook - April 2018
Global Economic Outlook - April 2018 April 12, 2018 by Carl Tannenbaum, Ryan James Boyle, Brian Liebovich, Vaibhav Tandon of Northern Trust Entering 2018, our outlook was uniformly upbeat. Fiscal stimulus
More informationNAFTA Where Do We Stand?
Luis Alvarado Investment Strategy Analyst WEEKLY GUIDANCE ON ECONOMIC AND GEOPOLITICAL EVENTS NAFTA Where Do We Stand? July 17, 2018 Key takeaways» Concerns about international trade have been mounting
More informationLeeds Business Confidence Index
Third Quarter 2018 Volume 11, number 3 colorado.edu/business/brd Leeds Business Confidence Steady Ahead of Q3 2018 The Leeds Business Confidence Index (LBCI) captures Colorado business leaders expectations
More informationVehicle Service Contract Administration
Vehicle Service Contract Administration Fragmented industry with strong margins and accelerating acquisition activity A rebounding automotive sector and a modest recovery of the U.S. economy have driven
More informationA Debate On The Markets: Thought Leaders Weigh In
A Debate On The Markets: Thought Leaders Weigh In Views on current global economic and market conditions from a Fidelity Investments event in May 2017 Jurrien Timmer, director of Global Macro for Fidelity
More informationCHINA S DIRECTION IN What is the Risk of a Debt Crisis?
Sinology by Andy Rothman January 18, 2018 a In 2018, I expect China s economy to return to the long-term trend of gradual deceleration, while remaining one of the world s fastestgrowing economies. a China
More informationSome Thoughts on the Current Economic Situation
Some Thoughts on the Current Economic Situation Remarks for the University Club of Chicago June 8, 2010 Chicago, IL Charles L. Evans President and Chief Executive Officer Federal Reserve Bank of Chicago
More information2017 MORTGAGE MARKET OUTLOOK: EXECUTIVE ECONOMIC REPORT JANUARY 2017
2017 MORTGAGE MARKET OUTLOOK: EXECUTIVE ECONOMIC REPORT JANUARY 2017 1 2017 FORECAST OVERVIEW For the 2017 housing market, the outlook is generally positive. The long recovery from the elevated delinquency
More informationState of the Automotive Finance Market Fourth Quarter 2013
State of the Automotive Finance Market Fourth Quarter 2013 Melinda Zabritski Sr. Director, Experian Automotive Experian and the marks used herein are service marks or registered trademarks of Experian
More informationMay the Auto Industry Brief is published monthly by. manheim consulting
May 2013 summary economy: moving ahead at moderate speed page 1 retail and wholesale vehicle markets page 2 Q&a with tom webb page 5 the Auto Industry Brief is published monthly by manheim consulting.
More information2014 Business Outlook Survey
NEW JERSEY BUSINESS & INDUSTRY ASSOCIATION S 55 TH ANNUAL BUSINESS OUTLOOK SURVEY 2014 Business Outlook Survey New Jersey s business outlook is the best in many years sales, profits and hiring on the upswing.
More informationNFIB SMALL BUSINESS. William C. Dunkelberg Holly Wad SMALL BUSINESS OPTIMISM INDEX COMPONENTS. Seasonally Adjusted Level
NFIB SMALL BUSINESS ECONOMIC TRENDS William C. Dunkelberg Holly Wad May 214 Based on a Survey of Small and Independent Business Owners SMALL BUSINESS OPTIMISM INDEX COMPONENTS Index Component Seasonally
More informationANALYSIS OF THE CENTRAL VIRGINIA AREA HOUSING MARKET
ANALYSIS OF THE CENTRAL VIRGINIA AREA HOUSING MARKET 2018 First Quarter Report by John McClain, Senior Policy Fellow Ryan Price, Senior Associate George Mason University Center for Regional Analysis National
More informationNFIB SMALL BUSINESS. William C. Dunkelberg Holly Wad SMALL BUSINESS OPTIMISM INDEX COMPONENTS. Seasonally Adjusted Level
NFIB SMALL BUSINESS ECONOMIC TRENDS William C. Dunkelberg Holly Wad December 214 Based on a Survey of Small and Independent Business Owners SMALL BUSINESS OPTIMISM INDEX COMPONENTS Index Component Seasonally
More informationNFIB SMALL BUSINESS. William C. Dunkelberg Holly Wad SMALL BUSINESS OPTIMISM INDEX COMPONENTS. Seasonally Adjusted Level
NFIB SMALL BUSINESS ECONOMIC TRENDS William C. Dunkelberg Holly Wad September 214 Based on a Survey of Small and Independent Business Owners SMALL BUSINESS OPTIMISM INDEX COMPONENTS Index Component Seasonally
More informationPrudential International Investments Advisers, LLC. Global Investment Strategy June 2009
Prudential International Investments Advisers, LLC. Global Investment Strategy June 2009 By John Praveen, Chief Investment Strategist For Market Commentary Interviews Contact: Lisa Villareal, 973-367-2503/lisa.villareal@prudential.com
More informationOctober 2016 Market Update
Market Update (10/2016) Allianz Investment Management LLC October 2016 Market Update Key Points The lack of further easing measures from both the Bank of Japan and the European Central Bank are causing
More informationCHALLENGES FOR SMALL AND MID-SIZED HOSPITALS
Healthcare Insights : The New FHA Section 242/223(f) Rules for Hospitals Walter Olshanski Director, KeyBanc Capital Markets Conner Girdley Analyst, KeyBanc Capital Markets KEY TAKEAWAYS > As of March 2013,
More informationFinancial Highlights
Financial Highlights 2002 2003 2004 Net income ($ millions) 629.2 493.9 553.2 Diluted earnings per share ($) 6.04 4.99 5.63 Return on equity (%) 19.3 13.7 13.8 Shareholders Equity ($ millions) 3,797 3,395
More informationWhy markets could be massively underpricing US rate hikes
Economic and Financial Analysis 22 May 2018 Global Economics 22 May 2018 Article Why markets could be massively underpricing US rate hikes Just who's telling the truth, business and consumer surveys or
More informationTHE STOCK MARKET S FINAL FOUR FACTORS
LPL RESEARCH WEEKLY MARKET COMMENTARY ch 27 2017 THE STOCK MARKET S FINAL FOUR FACTORS Burt White Chief Investment Officer, LPL Financial Jeffrey Buchbinder, CFA ket Strategist, LPL Financial The NCAA
More informationFourth Quarter Market Outlook. Jason Bulinski, CFA Donald A. Powell, CFA Joseph Styrna, CFA
Fourth Quarter 2018 Market Outlook Jason Bulinski, CFA Donald A. Powell, CFA Joseph Styrna, CFA Economic Outlook Growth: Strong 2018, But Expecting Slowdown in 2019 Growth & Jobs 2018 2017 2016 2015 2014
More informationCEO Commentary and Market Perspective July 26, 2018
Ward Nye CHAIRMAN, PRESIDENT AND CEO CEO Commentary and Market Perspective July 26, 2018 The current construction cycle has strengthened the broader United States economy over the past several years while
More informationBUSINESS ROUNDTABLE ANNOUNCES FOURTH QUARTER CEO ECONOMIC OUTLOOK SURVEY RESULTS
BUSINESS ROUNDTABLE ANNOUNCES FOURTH QUARTER CEO ECONOMIC OUTLOOK SURVEY RESULTS SPEAKER: TERRY MCGRAW, CHAIRMAN, BUSINESS ROUNDTABLE CHAIRMAN, PRESIDENT AND CEO, THE MCGRAW-HILL COMPANIES THURSDAY, DECEMBER
More informationFinancing Your Company s Growth with Asset-Based Loans
Financing Your Company s Growth with Asset-Based Loans Once considered as a funding vehicle for lower quality borrowers and firms in turnaround situations, asset-based loans are now a mainstream financing
More informationIn this report we discuss three important areas of the economy that have received a great deal of attention recently, namely:
March 26, 218 Executive Summary George Mokrzan, PH.D., Director of Economics In this report we discuss three important areas of the economy that have received a great deal of attention recently, namely:
More informationPOLICY BRIEFING. ! Institute for Fiscal Studies 2015 Green Budget
Institute for Fiscal Studies 2015 Green Budget 1 March 2015 Mark Upton, LGIU Associate Summary This briefing is a summary of the key relevant themes in the Institute of Fiscal Studies 2015 Green Budget
More informationSecond Quarter 2016 Volume 9, number 2 colorado.edu/business/brd
Second Quarter 2016 Volume 9, number 2 colorado.edu/business/brd Summary Stable Expectations The panel of business leaders surveyed in the Leeds Business Confidence Index (LBCI) reported steady optimism
More informationIMPROVING EMPLOYEE ENGAGEMENT THROUGH FINANCIAL WELLNESS
IMPROVING EMPLOYEE ENGAGEMENT THROUGH FINANCIAL WELLNESS W H I T E P A P E R 3% Have financial well-being strategy but no physical well-being strategy 27% Physical well-being initiative but no financial
More informationPhoenix Management Services Lending Climate in America Survey
Phoenix Management Services Lending Climate in America Survey 1st Quarter 2013 Summary, Trends and Implications PHOENIX LENDING CLIMATE IN AMERICA QUARTERLY SURVEY 1st Quarter 2013 SUMMARY, TRENDS AND
More informationPrepared Auto Financing
CONCEPT DOCUMENT Prepared Auto Financing TEAM MEMBERS Ben Hering, Affinity Plus Federal Credit Union Chad LaFlash, UW Credit Union Melina Young, Verity Credit Union Rob Keatts, Chartway Federal Credit
More information2018 U.S. and Rochester Area Economic Outlook. Gary Keith Vice President, Regional Economist Commercial Banking Division January 26, 2018
2018 U.S. and Rochester Area Economic Outlook Gary Keith Vice President, Regional Economist Commercial Banking Division January 26, 2018 Solid Economic Momentum Heading Into 2018 6.5 Number of Non-farm
More informationKey takeaways. What it may mean for investors WEEKLY GUIDANCE ON ECONOMIC AND GEOPOLITICAL EVENTS. Ken Johnson, CFA Investment Strategy Analyst
Ken Johnson, CFA Investment Strategy Analyst Michael Taylor, CFA Investment Strategy Analyst WEEKLY GUIDANCE ON ECONOMIC AND GEOPOLITICAL EVENTS February 21, 2018 Small Business Snapshot Part II: Labor
More informationYour Navigation System For Financing
Your Navigation System For Financing We ll help you get there. Buying or leasing a vehicle is exciting. It s also a big financial commitment, and most people will need to secure financing to get into a
More informationINVESTOR PRESENTATION
INVESTOR PRESENTATION J.P. MORGAN THAILAND CONFERENCE 2011 Deepak Sarup, CFO 17 th March 2011 AGENDA Pages I. Review of Results 2010 3-15 II. Future Positioning 17-27 III. 2011 Targets 29 IMPORTANT DISCLAIMER:
More informationSURVEY OF GOVERNMENT CONTRACTOR SALES EXPECTATIONS
SURVEY OF GOVERNMENT CONTRACTOR SALES EXPECTATIONS 2017-18 Executive Summary... 03 Introduction... 05 Profile of Government Contractors Surveyed... 06 TABLE OF CONTENTS Onvia Government Contractor Confidence
More informationWhat really matters to women investors
JANUARY 2014 What really matters to women investors Exploring advisor relationships with and the Silent Generation. INVESTED. TOGETHER. Certainly a great deal has been written about women and investing
More information