News Summary: August auto sales

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Posted: Wednesday, September 4, 2013 12:00 am

(AP) - 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.

© 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.


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