US diplomat’s wife gets suspended jail term for UK crash

Anne Sacoolas won’t have to go to jail despite admitting she caused 19-year-old Harry Dunn death by careless driving. She refused to attend the trial in the UK.

Used-Car Prices Collapse Most On Record

Used-Car Prices Collapse Most On Record

Readers have been well informed that the used car market bubble popped earlier this year (readhere). Cox Automotive reported that its Manheim Used Vehicle Value Index, which tracks the auction prices of used cars, plunged 14.2% from a year ago. The index has also slid to the lowest point since August 2021 as used-car sales tumbled 10% in November. 

November’s monthly decline on a year-over-year basis of 14.2% was the largest ever on Manheim’s data. 

The index fell to 199.4 last month, below the 200 mark for the first time since August 2021, and is down 15% from the peak in January. However, the index is still 58% higher since the start of the pandemic. 

A combination of new car supply and soaring borrowing rates have been the drivers of deflating the bubble. Cox chief economist Jonathan Smoke explained more: 

“New inventory is finally starting to build, and that’s producing momentum in new retail sales, but that momentum appears to be at the expense of used retail. Especially it’s the traditionally used car buyer that’s most impacted by payment affordability.” 

What happens next is that retail prices will start to decrease because of the high correlation to wholesale prices. The used car bubble has possibly, claimed the first victim: Carvana, whose stock imploded Wednesday after its creditors formed a pact as bankruptcy risks soar. 

And like we’ve told readers, wait until 2023 for deals as it’s a process from the time the Federal Reserve hikes interest rates to shooting up borrowing costs for consumers to curbing the demand side while supply side snarls alleviate; all of this are the perfect ingredients for lower prices moving forward. 

Tyler Durden
Thu, 12/08/2022 – 12:25

Donata Hopfen leaves role as DFL boss

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The flu can be a big deal for children. Here’s why

Laura Tejeda had been up watching her 7-month-old daughter Zoelis’ breathing all night this past November. She had been to a local hospital near the family’s home earlier in the day, concerned about a fever and Zoelis’ breathing being off, but had been sent home. In the middle of the night, Tejeda watched Zoelis’ chest tighten, and she knew she had to act. She got in a taxi from the Bronx to New York Presbyterian Hospital in Manhattan, where a nurse took one look at Zoelis and brought her straight to the back.

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Putin vows to persist with Ukraine war, defends airstrikes against power grid

Vladimir Putin said Thursday the “outcry all across the universe” over the conflict in Ukraine won’t stop Russia’s forces from fulfilling their combat goals, which a Kremlin spokesman defined as regaining control of territories liberated by Kyiv.

US lawmakers want answers from FTX’s Sam Bankman-Fried

Lawmakers are demanding that Sam Bankman-Fried, the founder of the failed crypto exchange FTX, appear before the Senate Banking Committee next week over “significant unanswered questions ” surrounding the collapse of his companies.

Whelan family welcomes Brittney Griner’s release, laments ‘catastrophe for Paul’

The family of Paul Whelan, a former US Marine held in Russian prison on espionage charges, embraced Thursday’s prisoner swap and release of Brittney Griner — but said the news would be a “catastrophe” for Paul.

Opinion: Indonesia’s penal reform is a danger to democracy

The reform of Indonesia’s criminal law not only makes sex outside marriage a punishable offence. Freedom of expression is also being restricted. It’s a threat to democracy, says Rahkasiwi Dimas.

Class 8 Truck Orders: Nowhere To Go But Down

Class 8 Truck Orders: Nowhere To Go But Down

By Alan Adler of FreightWaves

Class 8 truck orders posted a respectable 33,000 units in November. But they fell for a second consecutive month after record bookings in September. Supply chain issues, growing backlogs and a slowing economy are likely to prevent big monthly orders in the near term.

Orderbooks are fully open. Pent-up demand for new equipment remains strong. And carrier profitability creates a willingness to spend on equipment, said Eric Crawford, ACT Research vice president and senior analyst.

We continue to expect a freight recession, and an eventual [mild to medium] economic recession. But OEMs at this point have clear visibility to a strong [first half of 2023] barring any unforeseen cataclysmic events.”

That hedging leaves open the possibility of another month like September when orders reached an ACT-reported 53,700 after months running at half that pace. But with backlogs of unbuilt vehicles rising, a repeat is unlikely.

FTR Transportation Intelligence, an ACT competitor, reported preliminary North American Class 8 net orders at 34,300 in November, well off its September total of 56,000. Even with the moderating intake, November orders rose 254% year over year compared to a period when OEMs were canceling orders because they took in more than they had parts to build. 

Class 8 orders now total 295,000 on a rolling 12-month basis.

“Much of the year appears to have been slotted for production in 2023,” said Jonathan Starks, FTR chief executive officer and chief intelligence officer. “That means further moderation of levels as we get into the new year.

“The market remains strong despite the economic uncertainties, and production still will be limited to some extent by supply chains and labor.”

Tyler Durden
Thu, 12/08/2022 – 11:30