Steering Wheel Wraps Dangerous | Insurance Cost Not Easing in '24

Steering Wheel Wraps Dangerous | Insurance Cost Not Easing in '24

The Hazards Of Wheel Covers and Wraps

The National Highway Traffic Safety Administration (NHTSA) warns about aftermarket steering wheel decals, emphasizing the potential for severe injury or death. The caution comes after a driver suffered vision loss when a rhinestone-adorned emblem dislodged during a crash, propelled by the deploying airbag. The NHTSA urges consumers to remove any aftermarket decals on their steering wheels, as these modifications can compromise the proper functioning of airbags and pose serious safety risks. 

NHTSA | #vehiclesafety

Grim Outlook For Auto Insurance In 2024

Experts predict a continued emphasis on auto insurance rates, which have risen 18.9% year-over-year. Factors contributing to the increase include inflation affecting medical care and repair costs, rising accident rates, complex auto repairs, and larger litigation payouts. The outlook for 2024 suggests persistently high insurance rates, with a potential cooling by the end of the year if cost pressures stabilize. 

Forbes | #autoinsurance

Rideshare Earnings Report Is Promising

Lyft anticipates single-digit growth in fourth-quarter revenue compared to the previous quarter, as revealed in its third-quarter results. Despite a 5% drop in extended trading and a 2.7% decline in shares this year, Lyft aims to align key business metrics, including gross bookings, rides, and adjusted EBITDA margin, with strategic priorities. The company acknowledges challenges in increasing its rider base post-pandemic, with efforts to compete with Uber's market share impacted by the absence of a food delivery service. 

Pymnts | #rideshare

Pressure On The Inflation Reduction Act

The federal tax credit of up to $4,000 for used electric cars and plug-in hybrid vehicles (PHEVs), introduced alongside the $7,500 credit for new purchases under the Inflation Reduction Act (IRA), faces challenges due to stringent eligibility rules. Approximately only a quarter of the current used EVs and PHEVs for sale meet the criteria, which include a price cap of $25,000 and a restriction that disqualifies cars resold after August 16, 2022. These limitations, along with income requirements and model year specifications, may impede accessibility for most consumers, reducing the potential impact of the tax credit on facilitating lower- and middle-income Americans to afford electric vehicles.

Consumer Reports | #evs #bidenomics

Save Money With Car Allowances In The New Year

While most vehicles don't appreciate over time, businesses can save money by switching to tax-free car allowance programs, avoiding depreciation costs associated with fleet vehicle ownership. Numerous factors drive up fleet costs wear and tear, such as maintenance costs and the number of miles driven, and provide resources for calculating depreciation, considering tax implications for businesses offering money for wear and tear, especially in car allowance programs like Fixed and Variable Rate (FAVR) reimbursements. 

Cardata | #FAVR

Cutting-Edge Fleet Tech Report Released

Verizon Business has unveiled the global findings of its annual Fleet Technology Trends Report, sourced from Bobit and ABI Research surveys. The report, drawing insights from over 2,500 fleet managers and business professionals across 11 countries, highlights the positive impact of fleet management technology on productivity amid ongoing economic challenges. Key areas of focus include the adoption of Electric Vehicle (EV) technology for increased efficiency, using GPS tracking solutions to optimize routes and reduce hiring needs, and the growing importance of asset tracking solutions to enhance resource utilization and decrease operating costs. 

Verizon | #fleet

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