Axios PM: Used car prices soar — Twitter "super follows"

Plus: The hottest food fad on TikTok | Thursday, February 25, 2021

Open in app View in browser   Presented By Facebook   Axios PM By Mike Allen ·Feb 25, 2021 Good afternoon: Today's PM — edited by Justin Green — is 415 words, a 1.5-minute read. ⚡️ The House passed the Equality Act, which would expand federal protections for LGBTQ people by prohibiting discrimination based on gender identity and sexual orientation. Go deeper.     1 big thing: Used car prices soar Illustration: Aïda Amer/Axios   Don't be surprised if used cars are harder to find and more expensive for years to come, auto industry experts are warning. The average price of a used vehicle surged nearly 14% between January and December of 2020 — roughly 10 times the rate of inflation — to over $23,000, AP reports. The big picture: COVID-19 created a massive ripple effect, as Axios transportation correspondent Joann Muller reported last year. Major auto manufacturers stopped production. That led to a shortage of vehicles on dealer lots, especially trucks and SUVs. Fewer people traded in vehicles or returned leases during the pandemic's early lockdowns. Rental companies bought fewer cars because of travel shutdowns, reducing the number they will sell used, AP notes. Between the lines: The $30K sedan is a thing of the past, Joann tells me. Many manufacturers even stopped producing sedans in the U.S. or abandoned their lower-priced models in favor of trucks and SUVs. The bottom line: Low interest rates plus stimulus checks plus supply crunches all point in the same direction.     2. Pic du jour Photo: Drew Angerer/Getty Images Vice President Harris watches as Dr. Linval Matthews administers a COVID-19 vaccine today at the pharmacy of a Giant Food in Southeast D.C.     A message from Facebook It's time to update internet regulations     The internet has changed a lot in 25 years. But the last time comprehensive internet regulations were passed was in 1996. We support updated internet regulations to set clear guidelines for addressing today's toughest challenges. Learn More     3. Catch up quick Pfizer is evaluating whether a third dose of its COVID-19 vaccine can protect against new variants of the virus. Go deeper. "Super follows": Twitter plans to double user revenue by allowing people to pay creators directly for content they like. Go deeper. Costco will raise its minimum wage to $16 per hour. Go deeper. 🎧 Axios Re:Cap speaks with John Delaney about the future of e-commerce, low-skilled labor and SPACs. Listen here.     4. D.C.-area business giants elect new leader The Greater Washington Partnership, a powerful regional alliance of CEOs, today elected a new chair — Peter Scher, a JPMorgan Chase chair of the mid-Atlantic region and former vice chair of the partnership. Northrop Grumman chair, CEO and President Kathy Warden was named a vice chair. Ted Leonsis, chair and CEO of Monumental Sports & Entertainment (owner of Washington Wizards and Capitals), remains a vice chair. Why it matters: The group aims to knit together the Capital Region, a notoriously splintered economic powerhouse running from Baltimore to Richmond, to promote innovation and equity. The partnership added three new board members: Patty Obermaier, Microsoft VP of U.S. health and life sciences; Georgetown President John DeGioia; and Dominion Energy President and CEO Bob Blue.     5. 1 smile to go: TikTok's food fad Photo: Axios data visualization editor Danielle Alberti The pasta seen 'round the world: Finnish food blogger Jenni Häyrinen's baked-feta and tomato pasta recipe has more than 600 million views on TikTok, The Wall Street Journal reports. It's not this easy in practice, but the recipe as follows: "Pour half a cup of olive oil in a casserole dish, then dump in two pints of cherry tomatoes and an 8-ounce block of feta cheese. Bake for 40 minutes; broil for five. Stir in cooked pasta along with some fresh basil and minced garlic." Photo: Axios breaking news reporter Ursula Perano     A message from Facebook Internet regulations need an update     It's been 25 years since comprehensive internet regulations were passed. But a lot has changed since 1996. We support updated regulations to set clear guidelines for protecting people's privacy, enabling safe and easy data portability between platforms and more. Learn More     Axios thanks our partners for supporting our newsletters. Sponsorship has no influence on editorial content. Axios, 3100 Clarendon B‌lvd, Suite 1300, Arlington VA 22201   You received this email because you signed up for newsletters from Axios. Change your preferences or unsubscribe here.   Was this email forwarded to you? Sign up now to get Axios in your inbox.   Follow Axios on social media: