In the wake of the recent hurricanes — Harvey in Texas and Irma in Florida — the industry is beginning to recover, with an uptick in sales and a boost in used-car values on the horizon.
“On the volume impact, we expect Harvey and Irma to [negatively] impact volume in September by less than 10%,” Chuck Jones, head of national indirect lending at SunTrust Banks, told Auto Finance News.
However, overall it appears the brunt of the impact “is behind us,” Jones said. “There may be a short-term increase in delinquencies and net charge-offs, but no long-term impact,” he said.
