Shares Of Car Makers And Their Suppliers Hammered After March Sales Disappoint

By Ciara Linnane Markets MarketWatch Pulse

Shares of car makers and their suppliers were mostly lower Monday, after March U.S. car sales hit a two-year low, hit by factors including the widening price gap between new and used autos as well as rising interest rates and a slowing of the replacement cycle. Autodata reported that car sales ran at a seasonally adjusted annual rate of 16.62 million in the month, down from 17.58 million in February. O'Reilly Automotive Inc. led S&P 500 decliners, falling 4.5% in late trade. CarMax Inc. fell 4.2% and AutoNation Inc. was down 3.5%. General Motors Co. slid 3.2%, Delphi Automotive Plc. fell 2.8% and AutoZone Inc. was down 2.9%. Goodyear Tire & Rubber Co. fell 2.2%. The S&P 500 was down 0.2%.

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