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Automtive retailer AutoNation, Inc. (NYSE: AN) reported its retail car sales number for the month of July earlier on Tuesday. Mike Jackson, AutoNation CEO, was on CNBC post the release to break down the numbers and share his outlook for the automotive industry.
The Numbers
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"We also had an outstanding July with retailing almost 30,000 new vehicles," Jackson began. "That's plus 9 percent and the industry is clearly on its way to 17 million as we forecasted. The industry sales for the fourth time in the last 5 months broke 17 million units and the stampede to trucks continues with gasoline at $2.50 a gallon across America."
"Imagine in July truck sales were up 13 percent and car sales are down 3 percent and the sales of electric vehicles and hybrids are absolutely plummeting. The Nissan Leaf is down 60 percent, even the iconic Prius is down 15 percent. So, overall though it's very good for the industry and as far as...about the average age on the road in America coming down, we haven't hit that tipping point yet."
He continued, "We had a depression in car sales for 3 years and we just hit a new record for average age on the road in America, 11.5. So, even with somewhat higher interest rates, the industry is going to be running high 16 million, around 17 million for the next several years."
Rate Hike Will Have Little Impact
Jackson was asked if Fed starting to hike interest rates will have any impact on car sales. He replied, "Very little. I mean, let's face it, these interest rates have been an absolute free lunch for 6-7 years and a free lunch can't last forever. And I actually think, to begin the increase rates gradually would be a clear signal to everyone that the absolute crisis is over."
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.