General Motors Co.’s chief economist said Tuesday that economic factors, not a lack of interest, is why many younger buyers are not buying new cars.
GM Chief Economist Mustafa Mohatarem told attendees at the Center for Automotive Research’s Management Briefing Seminars that rising costs of cars, repairs and insurance are keeping some 16- to 19-year-olds from getting their driver’s licenses and ultimately buying a car. He downplayed the theory that teens care more about their smartphones and Internet access than vehicles as auto sales stall among younger people.
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