Since 2020, around 1 million prospective new car buyers have left the market and aren't expected to return any time soon, according to The Wall Street Journal. Before 2020, Americans were buying roughly 17 million cars and trucks per year, but that number is expected to be 16 million or fewer this year; analysts don't foresee those totals reaching 17 million again until the end of the decade or later. Stubborn inflation, high interest rates, and fuel costs have joined forces to keep more buyers on the sidelines, a concern for automakers. That said, that dynamic can also be a boon for certain companies as more people hold on to their vehicles longer and pay for repairs rather than opting for a new vehicle. One company in particular that can benefit from that dynamic is Genuine Parts (NYSE: GPC).
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