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The automotive industry faces financial distress, with rising consumer auto loan defaults, supplier bankruptcies, and widespread high-risk conditions. Recent PAYCE® Score data from SupplyChainMonitor™ revealed four private company bankruptcies and identified over 600 U.S. automotive firms in High Risk status. Sourcing professionals can map suppliers, monitor financial health, and receive early alerts on critical disruptions - such as the Novelis plant fire and financial strain at HP Pelzer and Superior Industries.

Commercial bankruptcy filings trended higher in 2024, with FRISK^® Scored bankruptcies reaching 215 – an increase from 191 in 2023. For eight years, the FRISK^® Score demonstrated 96% accuracy in predicting bankruptcy.

A dormant debt powder keg ignited in 2023; as bankruptcies continue to explode in 2024, risk professionals must set into motion a multi-faceted approach to financial risk evaluation.