Car sales are getting back to normal—slowly.
The seasonally adjusted annual rate, or SAAR, of U.S. light-vehicle sales for May was 15.05 million vehicles, Wards Intelligence reported late on Thursday. That is down from 15.91 million in April, but consistent with this year’s broad recovery trend after almost two years of vehicle shortages. Compared with last May the SAAR was up 20%.
The recovery is about supply, not demand. As microchip supplies have improved, car makers have…
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