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On the one hand, you'll likely never find anything so aptly named in finance. It is indeed a beige book. But its real title is the Summary of Commentary on Current Economic Conditions by Federal Reserve District. About two weeks before the Federal Open Market Committee meets to decide on interest rates, Fed governors get a compilation of how individual Federal Reserve banks view their economic health. (Actually, a different Fed bank is responsible each time to put it together, so they pass the workload around like roommates deciding who'll do the dishes.)
Obviously, it's important stuff. Since it's rather timely, many stock traders and economists use it to gauge whether the Fed has the same view of economic conditions as the market seems to.
But it's not scientific -- even the Fed admits that it's "anecdotal." And the Beige Book is the result of dozens of interviews with economists, bank branch managers, market experts and business leaders. As a result, a survey of pessimists in a district can paint a decidedly glass-half-empty picture. What's more, the Beige Book surveys all 12 Fed districts, and economic conditions in Cleveland can be much different than, say, Richmond, Va.
As a result, the Beige Book is rarely a market-mover, unless it contradicts a bunch of other data. So, check out the summary, but you can find better reports to read before nodding off.
Home / Markets / Industries / Retail
Tuesday, June 24, 2008
caroffer.com(TM) and Pep Boys to Expand Hassle-Free ''Sell your Car'' Program Nationwide
Comtex
DALLAS, Jun 24, 2008 (BUSINESS WIRE) ----caroffer.com(TM), the online product that provides consumers a guaranteed cash offer for any vehicle they wish to sell and The Pep Boys - Manny, Moe & Jack (NYSE: "PBY"), the nation's leading automotive aftermarket retail and service chain, announced today that it is expanding the program into more markets. Currently, caroffer.com(TM) is available in 30 markets, but the program will expand to 77 new Pep Boy's stores in the next few weeks. By July 2008, caroffer.com(TM) will be available in over 200 Pep Boys locations in 38 markets.
As previously announced, the program enables consumers to log onto www.caroffer.com to obtain a cash offer for their vehicle. caroffer.com(TM) aims to fill a gap for consumers by giving them an easy and hassle-free alternative to traditional methods of selling a vehicle. In a very volatile economic vehicle market, caroffer.com(TM) will extend a cash offer and pay for the vehicle immediately once the vehicle has been dropped off at the nearest participating Pep Boy's location and it's condition verified.
caroffer.com(TM) only wants to acquire vehicles and is not a retail enterprise. The company has a trading floor of live traders who watch the market on a real-time basis and are able to quickly react to fluctuations in values.
"We have been very pleased with the consumer response we're experiencing," said Bruce Thompson, CEO/Founder of caroffer.com. "It's evident that consumers want and need a fast and hassle-free way to sell their vehicles. This year, we've seen unprecedented rapid depreciation of trucks and SUVs as well as many mid-to-large size cars as the price of gas has escalated over the last six months. That can be a hard pill to swallow for consumers who may have a different perception of what their vehicle is worth. Ultimately, we try to make a modest wholesale profit on high volume. Clearly, we are meeting a need because we are bidding thousands of vehicles per day and operating at maximum capacity."
If consumers want cash for their vehicle without the hassle of selling to a traditional dealer or through the classifieds, then caroffer.com(TM) is a great alternative. It's not only a convenient way to sell a vehicle - the service is fast, easy and free. There are several appraisal tools available online but only caroffer.com(TM) will extend a real offer and write a check for a vehicle within a day!
About caroffer.com(TM):
caroffer.com(TM) launched February 2008 and is based in Dallas. Ownership consists of founder/CEO, Bruce Thompson, former founder and CEO of American Auto Exchange, Inc.; Internet pioneer, Copart, $2.2 Billion Market Cap (NASDAQ: CPRT); Dallas based hedge fund, HBK Investments, L.P., managing in excess of $11 billion in equity capital; and Cain Capital, L.L.C. Learn more by visiting www.caroffer.com.
About Pep Boys
Pep Boys has over 560 stores and approximately 6,000 service bays in 35 states and Puerto Rico. Along with its vehicle repair and maintenance capabilities, the Company also serves the commercial auto parts delivery market and is one of the leading sellers of replacement tires in the United States. Customers can find the nearest location by calling 1-800-PEP-BOYS or by visiting www.pepboys.com.
SOURCE: caroffer.com
caroffer.com(TM) Craig Walker, 214-231-6265 or Pep Boys Alex Spooner, 215-430-9588
Copyright Business Wire 2008 ********************************************************************** As of Friday, 06-20-2008 23:59, the latest Comtex SmarTrend� Alert, an automated pattern recognition system, indicated a DOWNTREND on 03-12-2008 for PBY @ $10.41. For more information on SmarTrend, contact your market data provider or go to www.mysmartrend.com SmarTrend is a registered trademark of Comtex News Network, Inc. Copyright � 2004-2008 Comtex News Network, Inc. All rights reserved.
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