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Auto Market Weekly Summary: December 19
Inflation declined in November, according to the Consumer Price Index, but prices remain high. Still worried about inflation, the Fed remains hawkish about pushing rates higher early in 2023 after increasing rates by 50 basis points last week following four straight 75-BPs increases. Auto loan performance deteriorated further in November. The default rate in November was higher than the default rate in November 2019. Severe delinquencies are far higher than in 2019, especially for subprime loans. Retail sales declined in November, and adjusted for inflation, retail sales were down from a year ago. Initial jobless claims declined in the latest week, but continuing jobless claims are at the highest level…
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Layne Riggs’ gamble pays off with NASCAR Advance Auto Parts Weekly Series national title
Nothing has come easy for Layne Riggs from the moment his auto racing career began. A veteran in late model stock car competition despite being just 20, the second-generation competitor from Bahama, North Carolina, has fought for every victory with a small operation, all while waiting for the right opportunity to follow in his father Scott Riggs’ footsteps as a driver in one of NASCAR’s top three divisions. The decision to bet on himself by going for a NASCAR Advance Auto Parts Weekly Series title paid off for Riggs, who joined a long list of notable national champions with a stellar season that saw him claim 16 victories at five…
