Auto

Advance Auto Parts CEO: Chip shortage has ‘big impact’ on new cars

Advance Auto Parts CEO and President Tom Greco said on Wednesday that the global chip shortage “is going to elongate the time” that people get a new vehicle and will lead to more used car sales and an “aging fleet,” which he said is “very good” for his business.

US durable goods orders drop 1.3% in April

U.S. orders for big-ticket manufactured goods dropped unexpectedly in April for the first time in 11 months as a shortage of computer chips disrupted auto production.