On the heels of weaker-than-expected sales in June, U.S. dealers entered July with light-vehicle inventory at a 10-year high for the month and 8.2% above year-ago’s total. The increase is significant because sales appear to be peaking from the six years of unprecedented growth since 2009. Accordingly, if volumes in second-half 2016 start to slide below 2015 totals, slowdowns likely are on tap for North American production and import shipments. However, such reductions could be ...

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