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Title:🔴 Subprime Crisis Building In Auto Sector | Real Vision™

Industry analyst Daniel Ruiz returns to RealVision.com to follow up on the changes brewing in the auto sector! Watch the video published on May 27, 2017 and sign up for a free trial to watch our update. Only on Realvision.com. https://rvtv.io/2W2JYrq​

The Big Story in the auto sector examines what’s behind the slide in used car prices, which are the foundation for an industry facing unprecedented challenges on the technology front, while sub prime delinquencies reach levels last seen in the great recession. With the help of industry analyst Daniel Ruiz and credit strategist Michael Lewitt, Grant Williams digs deep into the auto sector to see what the future holds and the likely impact for the US economy. Filmed on May 26,2017, in Arizona

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Crisis Building In Auto Sector | The Big Story | Real Vision™

Hi, I'm Grant Williams. About a month ago, in Things That Make You Go
Hmmm, I wrote a report called "Car Trouble" about the US auto industry. And I wanted to
flesh that story out for you today because it's something that is happening right now, and it's
a lot bigger story than people think.
To do this, I'm going to enlist the help of a couple of people-- Daniel Ruiz, a fantastic auto
analyst from a company called Blinders Off, who presents an incredible amount of information
and digs really deep into the sector; and my good friend Michael Lewitt, who's a person I
spend a lot of time talking to about this particular industry because he follows it very, very
closely. We're going to give you a sense of what's going on, give you a sense of where the
problems lie, how big they are, and at the end hopefully a few ideas how you might profit
from it.
The US auto industry is a big deal. It represents 3% of US GDP and employs roughly 5% of
the total workforce in the United States. In the last six years, $775 billion of exports of cars
and auto parts have left the United States, making it by far the biggest export sector. The
number two is aerospace, which is a distant $125 billion dollars behind it. On a global basis,
research and development in the auto industry is the second biggest sector of 40 sectors
measured worldwide-- it really is a big deal, not just in the United States but beyond.
Car sales have been rising now for some six straight years, ever since Cash for Clunkers was
instituted in 2010, and that's been a huge benefit for the industry as a whole. It gave the auto
industry a $3 billion jump start when it needed it most, back in the depths of the post Great
Recession period. But what it's actually done is pulled forward a hell of a lot of demand.
And we're at the point now where we're seeing the back side of that demand, and the missing
purchases that have all been made in the last six years are starting to be felt. Throw in the fact
that in the era of cheap money you've had this surge of people looking to borrow money to
buy cars at really low interest rates, and you see auto loans ballooned to over a trillion dollars
now-- that's way higher than they were before the credit crisis.
In amongst those trillion dollars, the fastest growing sector-- I hate to say it-- is once again
subprime. And while the subprime sector is not as big a problem on a wider basis as
mortgages were back in 2007, 2008, the 2015 series of subprime auto originations are
forecast to see the biggest delinquencies of any tranche before that, with default rates projected
to hit 15%-- that's a major problem.


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