, Muriungi said production volume has normalized compared to pre-Covid and he expects to see improvement in 2023 as the auto industry overcomes supply chain challenges.
Chase Auto's decline follows a trend seen across the industry. Other lenders like Ally Financial, Capital One and Wells Fargo Auto also reported less origination volume. Muriungi discussed his outlook for the auto industry, including affordability and what he thinks will be the most important trend to watch this year, in the interview that follows.I think that affordability generally is good for the economy. It's good for the consumer and the industry as a whole. Affordable rates are generally good for everyone. The rate at which used car prices normalize, the speed at which that happens, can be disruptive.
In the new car space, there is still more demand than there is supply. Generally, new car prices are still at record highs. That's an indication you still have more people wanting to buy cars of their cars to to be sold. Generally, I would say demand remains remains strong and robust. In the used car space, for the lower income segments, affordability has certainly affected the demand.
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