Auto Sales Hit 11 Year Low As Fed Rate Hikes & Supply Chain Cool Volume
The Wall Street Journal reports that auto sales in the United States fell in 2022 to their lowest level since 2011 as buyers deal with quickly rising auto loan interest rates and the industry struggles with near historic supply chain struggles. In 2022, 13.7 million cars were sold at dealerships for the lowest volume in 11 years with General Motors reclaiming its long term leadership spot from Toyota as the best selling auto brand in the United States.
“The U.S. auto industry posted its worst sales year in more than a decade in 2022 as supply-chain snarls and poorly stocked dealerships dented results for many car companies.”
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