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Only the Fed Can Rekindle America's Love for Cars

·1 min


Revised Article #

High prices, high interest rates, and a cyberattack have recently discouraged Americans from visiting car dealerships. Despite these challenges, the strength of the economy has ensured that more consumers aren’t deterred. In June, new-vehicle sales reached a seasonally adjusted annualized rate of 15.3 million, lower than anticipated due to a hack that impacted software supplier CDK and caused dealers’ IT systems to be compromised. This cyberattack led to a temporary return to manual workarounds and a loss of approximately 50,000 sales. However, it is expected that these sales will be recovered in the second half of the year, boosting July’s sales rate by 0.6 million.