Auto Sales Likely to Pick Up as Rates Fall and Political Uncertainty Fades.

US new car sales fell by 2.3% in the last quarter, with a total of 3.9 million cars and trucks sold. High prices, uncertainty surrounding the upcoming election, and the hope for lower financing costs have kept buyers away from showrooms. However, automakers are optimistic that the Federal Reserve's reduction in benchmark rates will lead to lower car loan rates, prompting Americans to buy an estimated 15.7 million cars and trucks this year. Despite the overall decline in sales, General Motors saw growth in retail deliveries and maintained high prices that boosted profits. Toyota's hybrid models remained popular, accounting for nearly half of its total sales volume. [Extracted from the article]