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News Summary: August auto sales

Updated at: 09/04/2013 5:05 PM
By The Associated Press

LATE-SUMMER BOOM: U.S. auto sales leaped 17 percent in August, returning to pre-recession levels with the industry’s best month since May of 2007.

THE DRIVERS: Low interest rates, high trade-in values, sweet lease deals, new vehicle designs and the need to replace aging cars and trucks all contributed as automakers sold just over 1.5 million vehicles. The average age of a vehicle on U.S. roads is now 11. 4 years.

THE OUTLOOK: August sales hit an annual rate of 16.1 million, and General Motors’ chief economist said that rate is likely to continue through the end of the year.

(Copyright 2013 by The Associated Press. All Rights Reserved.)