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LendingClub survey finds blissful ignorance towards auto financing costs Americans billions in potential savings

SAN FRANCISCO, Nov. 18, 2019 -- LendingClub (NYSE: LC), America's largest online marketplace connecting borrowers and investors, today released findings from its survey on consumer awareness of auto loan financing. The study, conducted online by The Harris Poll on behalf of LendingClub, found that auto financing is among the lowest of priorities for buyers.

The key takeaway: Many car buyers are not researching how to finance their vehicle and this misguided strategy is costing them far more in the long run – approximately $37B in potential savings, to be exact.1

The LendingClub study also illustrates the knowledge gap among buyers when it comes to basic auto finance:

• One-third (33%) of recent auto loan borrowers don't know their APR

• A sizable portion of intenders (40%) aren't sure what APR to expect

• Almost half of all buyers (48%) say they're more likely to research what to watch next on TV/streaming than inquire about payment options for a new vehicle

• Almost half of all borrowers (43%) also said they know more about shopping with smart home devices than they do about refinancing auto loans

• Many buyers (44%) incorrectly believe that in order to refinance, you have to wait at least one year after you take out the initial car loan

"When you consider the fact that auto loan debt is the third-largest type of household debt (behind mortgages and student loans), it's alarming how little attention is given to auto loans when people purchase vehicles," said Todd Denbo, Senior VP & General Manager, Auto at LendingClub. "Nearly half of car buyers rely on financing. It's clear that we need to provide more accessible education and resources on auto refinancing to make it a less daunting part of the car-buying process."

Good Intentions Are Not Always Good
The study found that intenders (those somewhat likely to purchase, finance, or lease a vehicle in the next 12 months) have the right intentions at the outset, with a majority (81%) saying they will do some kind of research into financing; however, in reality, a much smaller number of recent buyers (59%) actually did any kind of research about financing. Many also have an apathetic view on the actual monetary impact loans will have, leading them to believe the time spent researching their options isn't justified. In fact, only 35% of buyers (those that have either purchased, financed, or leased a vehicle in the past 12 months), spend time looking for the best financing options versus the best price on their vehicle."

The most since 2005; INRIX predicts record delays on Wednesday

ORLANDO, Fla. (Nov. 14, 2019) – More than 55 million travelers are making plans to kick off the holiday season with a trip of 50 miles or more away from home this Thanksgiving. This will be the second-highest Thanksgiving travel volume since AAA began tracking in 2000, trailing only the record set in 2005. Overall, an additional 1.6 million more people will travel compared with last year, a 2.9% increase. The vast majority of holiday travelers will drive to their destinations and, INRIX, a global transportation analytics company, expects Wednesday afternoon to be the worst travel period nationally, with trips taking as much at four times longer than normal in major metros.

“Millions of thankful Americans are starting the holiday season off right with a Thanksgiving getaway,” said Paula Twidale, vice president, AAA Travel. “Strong economic fundamentals are motivating Americans to venture out this holiday in near-record numbers. Consumer spending remains strong, thanks to increasing wages, disposable income and household wealth, and travel remains one of their top priorities for the holiday season.”

By the numbers: 2019 Thanksgiving travel forecast

Automobiles: 49.3 million travelers will hit the road this Thanksgiving, the most since 2005 and 2.8% more than last year.

Planes: With 4.6% growth, air travel will see the biggest increase in travel volume during the Thanksgiving holiday, with 4.45 million Americans expected to fly.

Trains, Buses and Cruise Ships: Travel by other modes will reach 1.49 million, a slight increase of 1.4% from 2018.

Nothing worse than Wednesday: Times NOT to be on the road

For the 49.3 million Americans traveling by automobile, INRIX, in collaboration with AAA, predicts major delays throughout the week, peaking Wednesday with trips taking as much four times longer as commuters mix with travelers.

“With record levels of travelers, and persistent population growth in the country’s major metropolitan areas, drivers must prepare for major delays,” said Trevor Reed, transportation analyst at INRIX. “Although travel times will peak on Wednesday afternoon nationally, travelers should expect much heavier than normal congestion throughout the week.”

Lack of comfort or confidence on the road can cause older adults to make unnecessary changes or reduce their driving

WASHINGTON, D.C. (Nov. 7, 2019) – Older adults with discomfort or low confidence while driving are adjusting their driving patterns to avoid driving at night, on the freeway, in afternoon rush hour traffic, or in unfamiliar areas, according to new research from the AAA Foundation for Traffic Safety. Some of the self-regulated changes older drivers make can be unnecessary and do not always improve safety. In order to extend their mobility and reduce risk on the road, AAA recommends older drivers consult a healthcare professional when feelings of driving discomfort arise.

“When older drivers become uncomfortable in certain driving situations, some may assume they have to live with the discomfort while others unnecessarily reduce their mobility,” said Dr. David Yang, executive director of the AAA Foundation for Traffic Safety. “By addressing issues of discomfort early, older drivers can learn more about age-related changes to their body and discuss strategies with their healthcare provider to best compensate for declines.”

Researchers from the AAA Foundation for Traffic Safety partnered with the University of Michigan Transportation Research Institute (UMTRI) to evaluate how an older drivers’ (ages 65-79) comfort level on the road affects their driving behaviors. Using GPS data loggers to track driving patterns, they found that older drivers who report lower comfort driving at night, during afternoon rush hour, on the freeway and in unfamiliar areas also self-regulated their behavior to reduce or avoid driving in those situations.

While self-regulation is often the best solution to allow older drivers to continue driving safely, some changes can create unintended consequences on the roadway. For example, using side streets to avoid the freeway can also increase an older drivers’ risk of a crash by increasing the distance traveled and their exposure on the road.

“Older drivers should not let physical discomfort and low confidence limit their mobility or safety, especially when your doctor may help you find ways to address these issues,” said Rhonda Shah, AAA manager of Traffic Safety Advocacy and Community Impact. “Oftentimes, simple adjustments to your vehicle, a driver refresher course or a change to your prescription medications can improve comfort and safety behind the wheel. The key is to speak up about it.”

Dates:

Friday – Sunday, November 15-17

Location:

WestWorld of Scottsdale, 16601 N. Pima Rd., Scottsdale, AZ 85260

Overview:

The Goodguys 22nd Speedway Motors Southwest Nationals presented by Barrett—Jackson is a giant three-day American hot-rodding festival featuring over 3,000 hot rods, customs, classics, street rods, muscle cars & trick trucks through 1987 vintage. It is the 2019 season finale and is the ultimate gathering of cool cars, cool people and good times.

Highlights:

• Vendor midway featuring commercial exhibits and a tractor trailer midway

• The Goodguys Top 12 cars and trucks of 2019 presented by Meguiar’s, Snap-on and RaceDeck

• Goodguys AutoCross featuring the AutoCross Finale—The Duel in the Desertpresented by BF Goodrich, Clayton Machine Works, Speedway Motors, K&N, andTremec Builder’s Choice Awards selected by Hot Rods by Dean

• Burn out Competition

• Model Car show

• Giant used auto parts swap meet and cars-for-sale area

• Saturday specialty parking areas, including Mighty Muscle, Homebuilt Heaven, Air Cooled Corral, Camaro Corral and more!

Models Beckon a New Era of Middleweight Capability, Performance, and Attitude from Harley-Davidson

- 2021 Harley-Davidson Pan America™ adventure touring and Bronx™ streetfighter models available in late 2020

- New Harley-Davidson 975cc and 1250cc Revolution® Max - the powerful all-new liquid-cooled V-Twin engines

- Horsepower and torque range announced

- New partnerships with Brembo® and Michelin® support middleweight development

MILWAUKEE, Nov. 5, 2019 -- Displayed for the first time publicly at EICMA in Milan, Harley-Davidson® (NYSE: HOG) is showcasing two all-new middleweight motorcycles, including the release of information surrounding the latest signature Harley-Davidson® V-Twin engine – the Revolution® Max. The powerful all-new 60-degree V-Twin has been designed for a new range of Harley-Davidson motorcycles in two different guises – 1250cc in the new Harley-Davidson Pan America™ and 975cc in the Harley-Davidson® Bronx™. Harley-Davidson® first announced expansion into new segments including new middleweight offerings in its More Roads to Harley-Davidson® accelerated plan for growth in July 2018. These exhilarating new models will both launch in late 2020 extending the iconic brand into new market segment.

Pan America™

The Harley-Davidson Pan America™ is an all-new advanced adventure touring multi-purpose motorcycle equal parts campfire, wanderlust, and grit. The Pan America™ is a two-wheel multi-tool built to endure, designed to explore, and engineered for the unknown.

Bronx™

The new Harley-Davidson® Revolution® Max powertrain is also at the heart of an all new Bronx™. This middleweight streetfighter model rolls with an unapologetic attitude and performance to match.

Powering both the new Pan America™ and Bronx models is the new liquid-cooled 975cc and 1,250cc Revolution® Max engine. Created to power a range of new Harley-Davidson® models, the Revolution® Max is designed to offer flexible performance with a broad powerband that builds to a surge of high-RPM power. Minimizing weight and maximizing performance, the Revolution® Max provides a narrow powertrain profile that is integrated into the motorcycle as a stressed member of the frame to enhance center of gravity and handling. The fully balanced powertrain has an internal counter balancer that mitigates primary engine vibration to enhance rider comfort and improve vehicle durability. Its design is bold and contoured, classic and contemporary, strong and svelte – a representation of Harley-Davidson® performance and style.

AUBURN HILLS, Mich., Nov. 5, 2019 --

Nominate a U.S Armed Forces veteran with a personal video explaining why they are a "Gladiator" for a chance for them to win an all-new 2020 Jeep® Gladiator Rubicon

Submissions for "Jeep Gladiator to Gladiator" accepted from Tuesday, November 5 through Saturday, November 30 at jeepgladiatortogladiator.com

Social contest will also be featured across the Jeep brand's Facebook, Instagram and Twitter channels

Winner of the contest to be announced in early December by Purple Heart recipient and wounded warrior Noah Galloway

This Veterans Day, the Jeep® brand, with Purple Heart recipient and U.S. Army veteran Noah Galloway, celebrates the veterans of the U.S. Armed Forces with the launch of the "Jeep® Gladiator to Gladiator" digital and social contest, giving consumers an opportunity to nominate one veteran for a chance to win an all-new 2020 Jeep Gladiator Rubicon.

To enter, participants must submit a personal 60-second (or less) video explaining why the veteran of their choice is a "Gladiator" in their life. The video will be judged by the Jeep brand, with Galloway, who will choose the winner. Submissions will be accepted Tuesday, November 5 through Thursday, November 30 at jeepgladiatortogladiator.com. The winner will be announced in early December.

"The Jeep brand's long-standing legacy of supporting our armed forces goes back nearly 80 years," said Jim Morrison, Head of Jeep Brand – FCA North America. "This year, with Purple Heart recipient and combat veteran Noah Galloway, we wanted to find a way to honor those who have selflessly served our country. Our 'Gladiator to Gladiator' initiative gives our Jeep brand fans and followers the opportunity to acknowledge the veterans in their lives and give one the chance to take home an all-new 2020 Jeep Gladiator Rubicon."

Gasoline demand numbers look more like summer than fall in the Energy Information Administration’s (EIA) latest reports. However, despite the high demand rate and a draw in U.S stocks, the national average held steady on the week at $2.60.

“Gas prices continue to fluctuate across the country, though on the week the majority of states saw prices only increase or decrease by one or two cents,” said Jeanette Casselano, AAA spokesperson. “The largest volatility at the pump continues to be seen in the West Coast & Rockies states along with a handful of states in the Great Lakes and Central region.”

Today’s average is six cents cheaper than last month and 16-cents cheaper than last year at this time.

Quick Stats

The nation’s top 10 largest weekly changes are: Michigan (-9 cents), Ohio (+8 cents), Idaho (+7 cents), Illinois (-5 cents), Utah (+5 cents), Indiana (+5 cents), Florida (+4 cents), Kentucky (+4 cents), Georgia (+4 cents) and Delaware (+4 cents).

The nation’s top 10 least expensive markets are: Louisiana ($2.22), Mississippi ($2.22), Texas ($2.24), South Carolina ($2.26), Missouri ($2.27), Alabama ($2.27), Virginia ($2.29), Arkansas ($2.30), Oklahoma ($2.30) and Tennessee ($2.30).

West Coast

Pump prices in the West Coast region are stabilizing after the region underwent planned and unplanned refinery maintenance over the past few weeks. Reduced supply in the region, amid robust demand, put pressure on pump prices, but the pressure has decreased over the past week as a result of imports and increased production from regional refineries. Prices are expected to continue stabilizing this week, assuming no new supply disruptions occur.

California ($4.07) and Hawaii ($3.65) are the most expensive markets in the country. Washington ($3.42), Nevada ($3.36), Oregon ($3.33), Alaska ($3.17) and Arizona ($2.90) follow. Alaska (+3 cents) and California (+1 cent) saw the largest increases in the region, while Nevada (-2 cents) saw the largest decrease on the week.

The EIA report for the week ending October 25, showed that total West Coast gasoline stocks increased slightly from 26.25 million bbl to 26.44 million bbl. The current level is approximately 500,000 bbl lower than this same time last year. Increased gasoline supplies will likely help to stabilize pump prices this week in the region.

AUBURN HILLS, Mich., Oct. 30, 2019 --

Mopar rumbles into the great outdoors and offers a modern take on classic customization with two unique pickup trucks

A total of 14 different customized vehicles on display at Mopar's 15,000-square-foot SEMA Show exhibit

More news on tap during the brand's SEMA press briefing at 7:26 p.m. Eastern/4:26 p.m. Pacific on Tues., Nov. 5.

Press briefing streamed live online at Mopar.com

The Mopar brand will take the stand at the biggest of all aftermarket parts shows to reveal two new pickup truck concepts customized with a unique combination of Mopar production and prototype parts and accessories.

The Ram 1500 Rebel OTG (Off The Grid), an overlanding-themed vehicle concept, and the Mopar Lowliner Concept, a reimagined 1968 Dodge D200-series pickup, will be shown for the first time at the 2019 Specialty Equipment Market Association (SEMA) Show – the premier automotive specialty products trade exhibition in the world.

"These vehicles showcase how Mopar is constantly expanding and exploring new ideas to meet the needs and fuel the imagination of our passionate fans," said Mark Bosanac, Head of Mopar Service, Parts and Customer Care, FCA – North America. "Whether it's overlanding in remote locations or reimagining an alternative classic design history, Mopar has its customers covered."

The brand also will display a total of 14 customized vehicles and hundreds of Mopar products in its 15,345-square-foot exhibit in the South Hall of the Las Vegas Convention Center at the SEMA Show, which runs Nov. 5-8 in Las Vegas.

Mopar will also announce additional news at its annual SEMA press briefing at 7:26 p.m. Eastern/4:26 p.m. Pacific on Tuesday, Nov. 5. The presentation can be viewed live online at Mopar.com.

As the overlanding movement continues to grow across the globe, the Mopar team, in conjunction with leading outdoor equipment suppliers, created a unique reality-based concept for the ultimate travel adventure: the Ram 1500 Rebel OTG concept.

The national gas price average dropped by four cents on the week to $2.60, despite a jump in gasoline demand and a draw in gasoline stocks. That is the largest one-week decrease since gas prices started to increase more than six weeks ago. Today’s average is a nickel cheaper than last month and 21-cents cheaper than last year at this time.

“On the week, more than half of all states saw gas prices decrease,” said Jeanette Casselano, AAA spokesperson. “A handful of Great Lakes and Central states saw the largest declines at the pump, while pump prices primarily increased in the West Coast and Rockies regions.”

Refinery maintenance across the country continues, though utilization rates have increased in the last week. This could mean further declines to the national average in the weeks ahead if demand drops.

Quick Stats

The nation’s top 10 largest weekly changes are: Indiana (-14 cents), Ohio (-14 cents), Michigan (-14 cents), Kentucky (-11 cents), California (-8 cents), Florida (-7 cents), Alaska (+7 cents), Nevada (-6 cents), Illinois (-6 cents) and Wisconsin (-5 cents).

The nation’s top 10 least expensive markets are: Louisiana ($2.23), Mississippi ($2.24), Texas ($2.25), Alabama ($2.27), South Carolina ($2.27), Missouri ($2.28), Arkansas ($2.29), Oklahoma ($2.29), Virginia ($2.29) and Tennessee ($2.30).

West Coast

Pump prices in the West Coast region continue to fluctuate after a number of refineries in the region underwent planned and unplanned maintenance over the past few weeks. This includes the Olympic Pipeline, which can transport 300,000 b/d of refined products in the region. The pipeline reduced its capacity to undergo unplanned work last week. The pipeline is expected to operate at reduced capacity this week, which will likely put pressure on tight supplies in the region and cause prices to remain high. Additionally, regional power cuts may take some gas stations offline in areas impacted by the fires in California, potentially putting pressure on pump prices.

California ($4.06) and Hawaii ($3.66) are the most expensive markets in the country. Nevada ($3.38), Washington ($3.42), Oregon ($3.34), Alaska ($3.14) and Arizona ($2.90) follow. California (-8 cents) and Nevada (-6 cents) saw the largest decreases, while Alaska (+7 cent) saw the largest increase on the week.

The Energy Information Administration (EIA) report for the week ending Oct. 18 showed that total West Coast gasoline stocks mostly held steady from 26.23 million bbl to 26.25 million bbl. The current level is approximately 700,000 bbl lower than this same time last year. Tighter supplies will continue to keep prices high this week, but as refineries resume normal gasoline production levels and imports enter the region, pump prices are expected to continue stabilizing.

Dodge fans who want to order their Charger or Challenger to their perfect specification need to act quickly; 2019 model year ordering closes Wed., Oct. 23, 2019

AUBURN HILLS, Mich., Oct. 22, 2019 -- Unrivaled performance more attainable than ever before

Dodge Challenger reported a record third quarter in 2019; record sales in 2018

In 2019, Dodge Charger notched its highest third-quarter sales in 13 years; on pace to lead the U.S. large car segment for three years running in 2019

Durango is on track to have its best calendar year sales total since 2005

"Dodge Power Dollars" $10 per horsepower cash allowance is available on any 2019 Dodge Charger, Challenger or Durango from dealer inventory until Jan. 2, 2020

Customers who want to order their Charger or Challenger to their perfect specification need to act quickly; 2019 model-year ordering closes on Wed., Oct. 23, 2019

Dodge has a plan to thank its loyal fans for the extra horsepower push with a social media event. Details will be announced next week

America's performance brand continues to push the limits. Leveraging its unrivaled performance and unmatched horsepower, combined with the industry-exclusive "Dodge Power Dollars" program, which gives customers across the United States who purchase any 2019 Dodge Challenger, Dodge Charger or Dodge Durango a $10 per horsepower cash allowance, the Dodge brand has blown past its initial goal of growing to 500 million horsepower by the end of the year, more than two months ahead of its goal.

"'Dodge Power Dollars' has more than exceeded our expectations, giving a huge boost to Dodge performance across the country and helping us reach our goal of putting a half billion horsepower into the hands of our loyal enthusiast by the end of the year," said Tim Kuniskis, Global Head of Alfa Romeo and Head of Passenger Cars – Dodge, SRT, Chrysler and FIAT, FCA – North America. "These Dodge muscle cars are attracting a new generation of shoppers who are drawn to the performance, attitude and personality of the Dodge brand – a brand that continues to differentiate itself within the car segment. This is the golden age of muscle cars."