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Automobile Recalls - 6/5/15

As reported by CNNMoney, there have been approximately one hundred million vehicle recalls in America since the beginning of last year.  There were are record seventy four million recalls in twenty fourteen according to the National Highway Traffic Safety Administration, and there have already been twenty five million recalls so far this year. 

According to HIS Automotive reports, there are presently about two hundred and fifty five million cars and trucks on U.S. roads.  If your family owns two or more cars, there is a good chance that one of them has been recalled.  Many of the recalls are not nearly as high profile as the Takata airbag recall or General Motor’s ignition switch problems.  Many owners never get their cars fixed, which is not only dangerous, it’s bad microeconomics.  The repairs are free. 

According to CarFax, there are about sixty million recalled vehicles on the road that have not been fixed.  Vehicle owners can utilize a free CarFax application to run their license plate number and check whether or not their vehicle has been recalled.  The National Highway Traffic Safety Administration also maintains a free app, one that allows drivers to look up their cars using their Vehicle Identification Number.

Anirban Basu, Chariman Chief Executive Officer of Sage Policy Group (SPG), is one of the Mid-Atlantic region's leading economic consultants. Prior to founding SPG he was Chairman and CEO of Optimal Solutions Group, a company he co-founded and which continues to operate. Anirban has also served as Director of Applied Economics and Senior Economist for RESI, where he used his extensive knowledge of the Mid-Atlantic region to support numerous clients in their strategic decision-making processes. Clients have included the Maryland Department of Transportation, St. Paul Companies, Baltimore Symphony Orchestra Players Committee and the Martin O'Malley mayoral campaign.