News Summary: August auto sales
Posted at: 09/04/2013 5:05 PM
By The Associated Press
LATE-SUMMER BOOM: U.S. auto sales leaped 17 percent in August, returning to pre-recession levels with the industry’s best month since May of 2007.
THE DRIVERS: Low interest rates, high trade-in values, sweet lease deals, new vehicle designs and the need to replace aging cars and trucks all contributed as automakers sold just over 1.5 million vehicles. The average age of a vehicle on U.S. roads is now 11. 4 years.
THE OUTLOOK: August sales hit an annual rate of 16.1 million, and General Motors’ chief economist said that rate is likely to continue through the end of the year.
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