Despite persistent inflation and high-interest rates, auto sales have been improving, thanks to strong consumer demand and a higher supply of new vehicles. Therefore, investors could look to buy fundamentally strong auto stocks Group 1 Automotive, Inc. (GPI), Rush Enterprises, Inc. (RUSHA), and Cars.com Inc. (CARS).
According to a joint forecast from J.D. Power and LMC Automotive, total new-vehicle sales for May 2023 are projected to reach 1,337,700 units, a 15.6% increase from May 2022.
