- Buried inside an economic report from the Richmond Federal Reserve this week is an interesting tidbit on the auto industry.
- As part of its scan of the economic horizon for the Beige Book, the bank noted the massive wave of automobile industry recalls has only had a "slight adverse" impact on sales. Customer traffic was still up and new car sales strong on solid pricing.
- The read from Richmond is consistent with recent U.S. sales reports from major automakers, although with a slight disconnect existing between a "sale" and a "delivery" in the industry the confirmation is noteworthy.
- Chaos theory: Some industry analysts think recalls can actually spur sales as safety is teed up as a consumer issue and older cars replaced.
- Related auto stocks: GM, F, TM, OTCPK:FIATY, HMC, OTCPK:NSANY, TSLA, OTCQX:VLKAY, OTCPK:DDAIF, OTC:HYMLF, OTCPK:BAMXY, TTM, TSLA, AN, KMX, SONC.