We made it through another holiday season, which we hope was a healthy and relaxing time for you and your loved ones. One thing is for sure, 2024 is going to be a monumental year. Will we finally see that recession they promised years ago, or will we continue to put it off? With several trouble spots overseas, will we see a spike in oil prices or other unexpected hits to our economy? Here’s a few things we hope to see in the next 12 months.
- Continued trend of lower fuel prices: Hallelujah, gas prices are still going down, with some parts of the US paying closer to $2 per gallon than $3. However, diesel remains stubbornly high around $4 per gallon on average, although that is nearly $2 less than its peak in the summer of 2022. Even if you don’t have any diesel vehicles, it impacts anything you buy.
- Lower consumer prices: Yes, the rate of inflation has dropped from its 2022 high, but that doesn’t necessarily mean that prices have gone down. No one is excited about spending 20 percent more on office toilet paper or car parts.
- Better interest rates: We were spoiled for a long time with very low interest rates for everything from purchasing cars to securing real estate, but the increases throughout 2022 and 2023 have revealed just how impactful it can be in a consumer economy. All indicators point toward a scaled lowering of the rate by the end of 2024.
- Passage of the FAA Reauthorization Act: We’re a business that runs on the whims of the airlines, so major delays and cancelations make it difficult for us to manage chauffeurs’ time, who end up having to deal with frustrated passengers. And it’s not just the flight, but TSA, baggage claim, and all the ancillary services around travel. On-time performance has improved, but it can only get better.
- EV Infrastructure: Vehicles aside (the OEMs are doing some cool things with their current and future models), the mandates that a quarter of the states have initiated are going to be here before we know it, which means the clock is ticking on having the infrastructure in place. According to the New York Times, except for a few select pockets of the country, the rollout of building public EV charging stations has been slow, despite the money being available from D.C. Regardless of where you stand on the issue, this is an enormous shift in how we interact with our cars, so we need to get this right before we jump from “gas and go” to “charge and wait.” If you’ve been to a Costco gas line on a Saturday, you understand the need for enough pumps—and those don't require 45+ minutes per car. They've pushed back REAL ID enforcement a few times, so maybe we'll see it here too.
- Smart expansion of technology, including AI: We like how technology has improved many areas of our lives—from cars and back-office software to tracking and countless business operations. We hope it remains cost-effective and is used for helpful purposes—safely and without a whole new set of problems (we’re talking about you, cyberattacks). Also remember, you’re still a service company.
- Let cooler heads prevail during this election year: Whether you’re a verified news junkie, agnostic about politics, or avoid it like the plague, there’s no escaping the fact that we’re as polarized as ever. In the past few years, politics has bled over into things that shouldn’t be partisan, and it’s making too many of us cranky or worse, mean. We’re all impacted by our elected representatives (state, local, and federal), but maybe let’s take down the temperature a bit on “hating” our political opposites and just continue making some money off these crazy races. The first one begins in less than two weeks… Sigh.
- Continued economic prosperity: May 2024’s revenue be as strong as 2023’s. Enough said.
We’re sure we missed a few, so what’s on your wish list? If nothing else, it’s a leap year, so enjoy your bonus day this February. Happy New Year from the CD team!
[01.02.24]