It may have taken an act of Congress, but U.S. light-vehicle sales in July outperformed even the most optimistic expectations. Bolstered by the Car Allowance Rebate System (CARS), also known as cash-for-clunkers, auto makers sold 995,402 cars and light trucks over 26 selling days last month, for a daily selling rate of 38,285 – the industry’s highest DSR since September. Daily sales rose 11.6% from June levels and fell 12.1% compared with July 2008 for the smallest year-over-year decline ...

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