In a turnaround from a sluggish start earlier in this year, new car and truck sales in the United States gained momentum in April, hitting a four-month high, even amid high-interest rates. Last month, automobile sales revved up to an annual rate of 15.7 million, edging slightly higher than March's 15.6 million.
Given the resilience of the automotive market, it could be wise to consider investing in quality auto stocks such as Continental Aktiengesellschaft (CTTAY), Mazda Motor Corporation (MZDAY), and Ituran Location and Control Ltd. (ITRN). These stocks have earned an A (Strong Buy) rating in our proprietary rating system.
