Despite macroeconomic concerns, the United States' auto sales will likely rise due to pent-up demand. So, quality auto stocks BorgWarner Inc. (BWA), AutoZone, Inc. (AZO), and O’Reilly Automotive, Inc. (ORLY) could be wise additions to your portfolio.
In August, the number of new vehicles sold in the U.S. was 1,341,169 units, up 16.2% from August 2022 and 2.0% from July 2023. As supply chains increasingly stabilize, the increase in new car sales in August suggests a comeback in the automotive sector.
