Marketplace®

Daily business news and economic stories
Jan 18, 2023

Lots of consumers said “No thanks” to buying a car in 2022

Consumers seemingly couldn’t buy enough cars during the peak of the pandemic, but recent data shows that the auto industry saw widespread declines in vehicle sales last year. We delve into what drove the decline and what car sellers are doing to adjust. Lower vehicle sales also contributed to an overall decline in retail sales in December — a good sign for investors, says Susan Schmidt. But that may not be the case for others — we checked in with a number of small businesses to see how they’re faring. And, the BBC’s Ruth Alexander reports on the global rise in egg prices. 

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Rising prices and interest rates have pushed buyers into the used vehicle market or out of the  automotive market entirely.
Rising prices and interest rates have pushed buyers into the used vehicle market or out of the automotive market entirely.
Mario Tama/Getty Images

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The Team

Lots of consumers said “No thanks” to buying a car in 2022