Major auto dealers hit two-year high for car leasing and sales
Though many aspects of the economy are still recovering from the worst recession since the Great Depression, the automotive industry has been rather resilient over the past several months. Now, after a stellar performance at the beginning of the summer, major auto dealers are reporting that they may post their highest numbers for
car leasing and sales in roughly two years, according to Bloomberg News.
The announcement comes on the back of consolidation efforts from major providers like General Motors and Chrysler, which have seen thousands of smaller dealerships closed and driven profits at those remaining through the roof.
"We're seeing the remaining stores do significantly better," Greg Young, the vice president of finance for Sonic Automotive, told the news provider. "In markets where other Cadillac or Chevy dealers closed, our Cadillac or Chevy stores are doing much better."
Despite the growth, there is some concern about the economy's lingering effects on the industry, including weak sales, and a near historic low in the demand for new light vehicles, reports Bloomberg.
Related News
Automotive Industry News
Car Dealer News
