July 4th Travel Expected to Set New Record at 70.9 M  July 1st 2024

July 4th Travel Expected to Set New Record at 70.9 M

This year’s extended Independence Day forecast exceeds pre-pandemic numbers, sets new record

*AAA projects 70.9 million travelers will head 50 miles or more from home over the Independence Day holiday travel period.

For the first time, AAA looked at the entire July 4th week, plus the Saturday before and the Sunday after the holiday. This year’s projected number of travelers for that time period is a 5% increase compared to 2023 and an 8% increase over 2019.

“With summer vacations in full swing and the flexibility of remote work, more Americans are taking extended trips around Independence Day,” said Paula Twidale, Senior Vice President of AAA Travel.

“We anticipate this July 4th week will be the busiest ever with an additional 5.7 million people traveling compared to 2019.”

Beryl strengthens into 1st major Atlantic hurricane of the year

Beryl has strengthened into a hurricane in the Atlantic and is forecast to become a major storm as it nears the Caribbean. A hurricane warning was issued for Barbados on Saturday and hurricane watches are in effect for St. Lucia, Grenada, and St. Vincent and the Grenadines.

Beryl grew into a hurricane Saturday as it churned toward the southeastern Caribbean, with forecasters warning it was expected to strengthen into a dangerous major storm before reaching Barbados late Sunday or early Monday.

A major hurricane is considered Category 3 or higher, with winds of at least 111 mph (178 kph). On Saturday night, Beryl was a Category 1 hurricane, marking the farthest east that a hurricane formed in the tropical Atlantic in June, breaking a record set in 1933, according to Philip Klotzbach, Colorado State University hurricane researcher.

A hurricane warning was issued for Barbados, St. Lucia, Grenada, and St. Vincent and the Grenadines. A tropical storm warning was posted for Martinique and Tobago and a tropical storm watch for Dominica.

“It’s astonishing to see a forecast for a major (Category 3+) hurricane in June anywhere in the Atlantic, let alone this far east in the deep tropics. #Beryl organizing in a hurry over the warmest waters ever recorded for late June,” Florida-based hurricane expert Michael Lowry posted on X,

SLRA IPO News - LBO'd auto business software firm Solera files for an estimated $1.5 billion IPO

Solera, which provides business software used by auto insurers, dealerships, and fleet operators, filed on Friday with the SEC for an initial public offering. The company filed with a placeholder deal size; we estimate the IPO could raise up to $1.5 billion.

The company had previously traded on the NYSE until 2016, when Vista Equity Partners took the company private in a $6.5 billion buyout.

Solera's software solutions are sold to customers in over 120 countries, including insurers, vehicle repairers, manufacturers, auto dealers, and fleet operators. It operates through four distinct SaaS platforms: Vehicle Claims, Vehicle Repair, Vehicle Solutions, and Fleet Solutions. Its platforms help automate business-critical workflows related to claims processing, vehicle diagnostics and parts management, dealer management, and commercial fleet management.

The Westlake, TX-based company traces its roots to 1966, and booked $2.4 billion in revenue during the 12 months ended 3/31/2024. It plans to list on the NYSE under the symbol SLRA. Solera filed confidentially on September 17, 2021. Goldman Sachs, Morgan Stanley, BofA Securities, Jefferies, Citi, and RBC Capital Markets are the joint bookrunners on the deal. No pricing terms were disclosed.

Farmers Adjusters Cry Foul Over Workloads, Claims Handling in Letter to Regulators

Farmers Insurance officials this week said they have spoken with employees after receiving an anonymous letter, apparently from a group of in-house adjusters, accusing the insurer of understaffing and overworking claims professionals.

“Farmers Insurance has always been a leader in customer focus, professionalism, and integrity; however, the current work environment and conditions deeply contradict these core values,” reads the letter, sent May 14 to Farmers and to insurance regulators in Tennessee, Alabama and Georgia.

COMPLETE ARTICLE

Ford Ends Costly Dealer EV Certification Program

The program, which required dealers to invest hundreds of thousands to sell and service EVs, was axed due to slowing customer demand.

Ford announced June 13 it is ending its "EV-certified" dealership program, which required significant financial investments from dealers, in response to slower-than-anticipated growth in the electric vehicle market.

The Model E Dealership Program, launched in September 2022, required dealers to invest between $500,000 and $1.2 million to sell and service EVs. Initially, Ford had set a June 30 deadline for dealers to install Level 2 EV charging stations.

However, despite initial optimism and high demand for all-electric vehicles, sales have not met expectations. Ford's dealership investment requirements were relaxed last November, reducing the number of mandatory Level 2 chargers and removing a future obligation for Level 3 fast chargers by 2026. Then, more recently, the automaker said it was temporarily suspending the requirements as it recalibrated its strategy.

“The world has changed,” said Marin Gjaja, COO of Ford’s Model E electric vehicle business, during a media briefing June 13, according to CNBC. “The growth has slowed down.”