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U.S. new-vehicle sales in 2018 rise slightly to 17.27 million [UPDATE]

DETROIT — Sales of new vehicles in the U.S. rose slightly in 2018, defying predictions and highlighting a strong economy. Automakers reported an increase of 0.3 percent over a year ago to 17.27 million vehicles. The increase came despite rising interest rates, a volatile stock market, and rising car and truck prices that pushed some buyers out of the new-vehicle market. Industry analysts and automakers said strong economic fundamentals pushed up sales and should keep them near historic highs in 2019. "Economic conditions in the U.S. are favorable and should continue to be supportive of vehicle sales at or around their current run rate," Ford Chief Economist Emily Kolinski Morris said after the company and other automakers announced their sales numbers Thursday. That auto sales remain near the 2016 record of 17.55 million is a testimonial to the strength of the economy, said Mark Zandi, chief economist at Moody's Analytics. The job market, he said, has created new employment, and wage growth has accelerated. "That's fundamental to selling anything," he said. "If there are lots of jobs and people are getting bigger paychecks, they will buy more." The unemployment rate is 3.7 percent, a 49-year low. The economy is thought to have grown close to 3 percent last year, its best performance in more than a decade. Consumers, the main driver of the economy, are spending freely. The Federal Reserve raised its key interest rate four times in 2018 but is only expected to raise it twice this year. Auto sales also were helped by low gasoline prices and rising home values, Zandi said. It all means that people are likely to keep buying new vehicles this year even as they grow more expensive. The Edmunds.com auto-pricing site estimates that the average new vehicle price hit a record $35,957 in December, about 2 percent higher than the previous year. It will be harder for automakers to keep the sales pace above 17 million because they have been enticing buyers for several years now with low-interest financing and other incentives, Zandi said. He predicts more deals in the coming year as job growth slows and credit tightens for higher-risk buyers. Edmunds, which provides content, including automotive tips and reviews, for distribution by The Associated Press, predicts that sales will drop this year to 16.9 million.

Jeff Gordon will come out of retirement to race new Cadillac endurance racecar

Jeff Gordon is not a man who takes well to retirement, apparently. That's not a surprise at all, given that we've been talking about his return to racing since almost the minute he retired in the first place. This year, he's taken the wheel for Dale Earnhardt, Jr., who is recovering from a concussion, several times already. So we shouldn't be too surprised to find out he's officially coming out of retirement – the twist is that it won't be in a stock car. Gordon has signed onto Wayne Taylor Racing, Motorsport.com reports, and he'll join Ricky and Jordan Taylor as well as Max Angelelli. Their ride will be the newly-revealed Cadillac DPi-V.R racer, a Dallara-chassis car powered by a 6.2-liter pushrod V8 loosely related, Cadillac claims, to the engine in the current CTS-V. You can read all about the DPi-V.R right over here. Remember, Gordon has a total of 93 NASCAR wins to his name, as well as four titles. He knows his way around Daytona pretty well, too, having won the 500 three times. He's also dabbled in endurance racing once before, in the 2007 24 Hours of Daytona with Taylor, Angelelli and Jan Magnussen in a WTR Riley-Pontiac car. They ended up on the podium, so you can say Gordon's inaugural and only outing in endurance racing so far was a success. It's been a decade, so we'll see if he's rusty, although knowing about how competitive champions are, we think he'll blow out the cobwebs and get right down to work. You can read Gordon's statement over at his personal site. Related Video:

Cadillac's Euro reboot may have implications for US models, sales

Firmly on the comeback trail in the US, Cadillac is still trying to get out of the starting blocks in Europe. At the Geneva Motor Show in March, Cadillac' senior execs revealed plans to grow the brand's presence in a luxury market dominated by the big three German marques, Audi, BMW and Mercedes-Benz.
GM President Dan Ammann says he sees "enormous" potential for Cadillac globally.
Over the past 20 years, the General Motors premium nameplate has tried and failed multiple times to break into the European market. This time around, Cadillac recognizes that progress will be modest at best, and depends on specific changes to models, some of which may impact the brand's US lineup. Planned new sales tactics in Europe may also impact the way Cadillac does business on this side of the pond.