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Vehicles are displayed for sale at an AutoNation car dealership on April 21, 2022 in Valencia, California.
Mario Tama | Getty Images
DETROIT – Shares of AutoNation, Group 1 Automotive and other automotive dealers rallied Thursday following strong third-quarter earnings and optimistic outlooks regarding consumer demand for new vehicles.
The results and comments followed concerns by some Wall Street analysts that the industry could soon shift from an inventory supply problem to a lack of demand, or “demand destruction,” situation with interest rates rising, inflation at record highs and recession fears looming.
“Clearly, there is some normalization that’s going to occur and has occurred,”…
Source cnbc.com
