AutoNation’s Jackson Says Rate Hikes Won’t Hurt Sales (Audio)

Mike Jackson, chairman and chief executive officer of AutoNation, says motor vehicle sales will keep rising this year, driven by replacement demand, with the average age of cars on the road remaining over 11 years, along with stronger jobs and housing markets, and cheap financing. AutonNation’s total retail new vehicle sales rose 8% in July, the highest since July 2006. He says the Federal Reserve will raise its key rate around the middles of next year, and this won’t hurt auto sales because it’s consistent with a healthier economy; and in any case, it’s time for the Fed to start normalizing rates. Jackson speaks with Bloomberg’s Kathleen Hays and Vonnie Quinn on Bloomberg Radio’s "The Hays Advantage."

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