U.S. light-vehicle sales in April fell below expectations, although on a volume basis they increased for the third consecutive month over year-ago. Although it isn’t wise to read a lot into one month’s results, April is a clear indicator that a lack of pent-up demand – brought on by two-and-a-half years of generous discounting – is bound to complicate auto makers’ efforts to reduce incentives and increase profit margins. Sales finished April at a 16.4 million seasonally adjusted annual ...

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