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Sector Glance: Autos
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NEW YORK - Shares of the automakers closed lower Wednesday, pulled down by a sharp drop in the overall market.

The drop also came a day after several of the auto companies reported drops in August U.S. sales.

U.S. sales were flat compared with last August, but that was an improvement from the 12 percent drop the industry saw in July.

The annualized sales rate for August was 16.3 million vehicles, the first time that number topped 16 million vehicles since May, according to Autodata Corp.

The rate shows what sales would be if they continued at the same pace for the full year.

forbes.com

 
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