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Does foodservice decline herald a new recession?

first_imgA drop in the foodservice market could be a sign of a new recession, analysts have warned.The total number of visits in the eat-out or out-of-home (OOH) foodservice market was down 1% year-on-year in the first quarter of 2018, according to The NPD Group.Lunchtimes visits fell 5.1% year-on-year – the third quarter of decline – while breakfast visits fell for a second consecutive time, by 1.6%. Dinner visits have been in long-term decline.The NPD Group reported that this pattern of falling foodservice visits was last seen at the start of the UK’s 2007/2008 recession.At that time, consumers quickly changed their behaviour, bringing a sharp drop in foodservice visits. Despite the recession encouraging the industry to reshape its offer in terms of quality, choice and overall customer experience, the foodservice market has not fully recovered from the 2007/2008 recession, added NPD.“Although it is too soon to say whether we are currently in recession or not, there are clear warning signs,” said NPD foodservice head Cyril Lavenant, adding that a sustained downturn would be more difficult to overcome this time because of threats on top of existing operating and cost challenges.“The casual dining sector, for example, is facing pressure from quick-service brands that are offering new food choices and newly refurbished modern outlets,” he said.“Consumers also have a bigger choice than ever of operators offering healthier and lighter eating. It is likely any new recession in foodservice will be harder to fight because the landscape is already intensely competitive.”Eat-out visits began to slow after the Brexit vote in summer 2016, and the loss of visits has accelerated since last year, according to The NPD Group.“Now is the right time to sound a warning,” added Lavenant. “The foodservice industry has so far demonstrated remarkable resilience in the face of tougher operating conditions, cost pressures and the uncertainty caused by Brexit. But, since the end of last year, we have seen some evidence of decline and operators will need to monitor carefully whether this downward trend continues. If it does, they will have to act fast to protect their business.”last_img read more

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Former CEO sentenced for bank larceny, tax evasion

first_img 1SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr A U.S. District judge in Harrisburg, Pa., sentenced Sherry A. Garner, the former president/CEO of the merged Harley-Davidson York Federal Credit Union, Wednesday to two years in prison for bank larceny and tax evasion.Federal Judge John E. Jones also ordered Garner to pay $314,810 in restitution and three years of supervised release following her prison term.In February, she admitted to embezzling $252,106 from the credit union between 2010 and 2013.Garner, 53, of Red Lion, Pa., also admitted to federal income tax evasion for not reporting her embezzled income. She was also ordered to pay $62,704 in back taxes. continue reading »last_img

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From lender-to-lender: Tips to keep auto finance strong in tough times

first_imgThis is placeholder text In October, Allied Solutions’ CEO, Pete Hilger, moderated a panel on “The State of the Auto Financing Market” for NAFCU’s Virtual Lending Conference. During this conversation, James Schenck, CEO of Pentagon Federal, and Tom Kontos, Chief Economist for KAR Global discussed how lenders can develop strong, safe, and competitive lending programs in our current economic environment. Here are a few strategies lenders can leverage to strengthen their auto finance programs, identified during this panel presentation:Refine credit standards and pricing in preparation for increasing risksIt’s important to remain cautious with your credit standards to keep risks lower as more deferral and forbearance programs expire and the full impact of the pandemic – delinquencies and defaults – becomes clearer.If you are looking to expand into new markets, look at ways you can refine your credit scoring model to more accurately target borrowers within your preferred credit tiers rather than expanding your lending parameters outside of your comfort zone. Pricing risk accurately will help to expand into new markets, without needing to go beyond to your risk tolerance and appetite.Evolve remarketing strategies as repossession volume continues to growRepossession volume has grown over the past few months. Dealer demand has kept up with this growth in supply, given that the used car market remains strong among a more financially conservative consumer-base. This balance of supply and demand has helped keep repo values up for lenders. However, repo volume is going to continue growing as delinquencies and charge-offs grow, making it harder for lenders to keep up with the volume. Consider outsourcing remarketing processes to a third party that has the tools to scale appropriately and help free up resources to focus on other strategic priorities. These partners are equipped with the technology, data, and expertise to bring about the highest possible returns on behalf of your lending institution.Maintain a good mix in the loan portfolio to increase market share Developing a strong, diverse portfolio will help to sharpen your competitive edge and attract more borrowers on an ongoing basis. Here are some front-end and back-end strategies to strengthen your portfolio:Partner with fintech on the origination side to enhance and simplify consumer experiences and internal processes.Adopt technology to speed up underwriting and allow for same day, instant loan decisions to better compete with digital lenders.Put forth omni-channel marketing and advertising efforts (in house or outsourced) to get the word out about what loans you have and to get in front of your target markets.Diversify the loan options being offered to your target markets.Be more strategic in your mix of direct and indirect loans; indirect lending can be a great tool for opening new opportunities in markets where your institution is less recognizable or has weaker direct lending.Price insurance products (i.e. GAP, MBP, Debt Protection) into the loan to mitigate risks with protections paid-for by the borrower.There are always opportunities to maximize growth through any economic cycle. The key is to step back to learn where opportunities lie within your markets and among your consumers to determine how and where to focus your energy.Watch “The State of the Auto Finance Market” to dive deeper into lending growth and risk strategies. This post is currently collecting data…center_img 3SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr,Amy Hearn Amy Hearn is Allied Solutions’ Vice President of Marketing and Communications. She has 30 years of experience working with financial institutions and strategic marketing efforts. In her role, Amy leads … Web: https://www.alliedsolutions.net Detailslast_img read more

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