S&P Global Inc. reports company news across data, benchmarks and analytics for capital, commodity and automotive markets. Coverage includes its credit ratings and market intelligence businesses, S&P Global Energy and Platts price assessments, and S&P Global Mobility products such as CARFAX vehicle history reports, listings, car care tools and recall data.
Recurring updates also include investor conference appearances, product and data launches, board and governance changes, and corporate-status developments involving the Mobility division.
On January 28, 2023, CARFAX released data revealing trends in vehicle accidents across the U.S. Georgia recorded the highest accident rate, followed by Kentucky and South Carolina. Conversely, Oregon led in the fewest accidents per 1,000 vehicles, trailed by Hawaii and Alaska. CARFAX estimated that vehicles with damage history lose about $400 in wholesale value and over $500 in retail value. Severe damage can cause losses exceeding $2,000 wholesale and $2,700 retail. Approximately 40% of U.S. vehicles have some damage, impacting their resale value significantly.
automotiveMastermind has formed a strategic partnership with Orbee to enhance customer data analytics in the automotive sector. This collaboration integrates Orbee's Customer Data Platform with aM's marketing automation solutions, enabling dealer partners to leverage first-party data for improved customer personalization and engagement. The integration allows for real-time insights into customer behavior across various touchpoints, aiming to optimize loyalty and conversion strategies. Executives from both companies highlight the significance of this partnership in evolving dealership operations while enhancing data-driven decision-making.
S&P Global Market Intelligence's latest report on community banking indicates that rising funding costs and liquidity pressures will hinder net interest margin growth in 2023. The report highlights that community banks are expected to rely increasingly on wholesale funding and certificates of deposit, leading to higher deposit costs. Notably, the projected deposit beta for 2023 is 28%, significantly up from 10% in 2022. Additionally, net charge-offs are anticipated to rise to 0.19% of average loans, and provisions are set to increase to 11.8% of net revenue. The findings suggest a challenging financial landscape for community banks moving forward.
CARFAX Car Care has reached a significant milestone with over 30 million consumers utilizing its service to manage approximately 43 million vehicles. Since its inception in 2011, it has assisted in servicing over 65 million vehicles. The platform, which offers reminders for maintenance and safety recalls, attracts more than half a million new users monthly. Users report improved vehicle maintenance and potential resale value increases of around $2,000 on average for well-maintained cars. CARFAX for Life enhances dealer service revenue and customer loyalty, leveraging the trusted CARFAX brand.
automotiveMastermind, part of S&P Global Mobility, has signed a contract to join the Reynolds Certified Interface Program, integrating its Mastermind platform with Reynolds and Reynolds' DMS. This integration aims to enhance dealership efficiency by enabling automatic data syncing, improved service-to-sales capabilities, and increased data security. Certification is anticipated in summer 2023. The initiative reinforces automotiveMastermind's commitment to data security and aims to optimize marketing and sales processes for automotive dealerships.
On January 26, 2023, it was announced that Northern Oil and Gas (NYSE: NOG) will replace South Jersey Industries (NYSE: SJI) in the S&P SmallCap 600 index, effective before the market opens on February 2, 2023. This change comes as Infrastructure Investments Fund is acquiring South Jersey Industries, with the deal expected to finalize shortly, pending conditions. The addition of NOG to the index highlights its growing prominence in the energy sector.
CARFAX has announced its fourth annual Top-Rated Dealers Award, recognizing dealerships across the U.S. for exceptional customer service based on verified consumer ratings. The winners, who achieved an average score of 4.5 out of 5 stars in 2022, were revealed ahead of the National Automobile Dealers Association Show in Dallas. Johnson Lexus of Raleigh, North Carolina, received the most five-star reviews with 559. Awarded dealers will receive promotional materials and digital assets to showcase their rankings. CARFAX, part of S&P Global (NYSE: SPGI), aims to help consumers confidently buy and service used cars.
Summary not available.
On January 25, 2023, DoubleVerify Holdings (NYSE: DV) announced its addition to the S&P SmallCap 600 index, effective January 31, 2023. This change will see Meridian Bioscience (NASDAQ: VIVO) removed from the index, as it is currently being acquired by SD Biosensor. The acquisition is pending final conditions, suggesting a strategic shift in the market landscape. The index change highlights DoubleVerify's growth and significance within the Information Technology sector, while Meridian's removal signifies a substantial transition for the company involved.
U.S. Secretary of Energy, Jennifer M. Granholm, will speak at the 41st annual CERAWeek by S&P Global in Houston from March 6-10, 2023. The event will focus on 'Navigating a Turbulent World: Energy, Climate and Security,' featuring discussions with global energy leaders, policymakers, and industry experts. Key themes will include energy security, transition, affordability, and the impact of geopolitics on energy markets. Notable speakers include John Podesta and executives from major energy companies. The conference aims to explore strategies for reducing emissions and meeting global energy demands amid current uncertainties.