U.S. auto-industry sales continued to rise in the third quarter, with automakers and buyers largely unfazed by higher interest rates and the impact of a continuing United Auto Workers strike.
Automakers sold an estimated 3.9 million new cars and trucks during the quarter, up about 17% over the year-earlier period, according to J.D. Power, a data and analytics firm.
American car buyers have continued to flock to dealership lots, despite high car prices and a cooling labor market. The sales strength in the car business reflects a resilience in consumer demand with many people giving priority to short-term needs over longer-term goals.