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Americans have a long-lasting love affair with cars, and it shows in the economy. The automotive industry accounts for approximately 3% of the nation’s GDP, and car sales are a huge business. In its mid-2023 report, the National Auto Dealers Association reported that 16,839 franchised dealers had sold 7.66 million light-duty vehicles (cars and light trucks) in 1H23. Total dealer sales in light-duty vehicles for the half-year came to $614 billion and that was supplemented by $73 billion worth of

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