Auto parts retailers and auto service providers were a rare spot of red on Tuesday after a lighter than expected CPI print lifted most boats .
In contrast to much of the market, lessening inflationary impacts are not a positive for auto parts retailers that have benefited from consumers extending the life of their cars. According to the Bureau of Labor Statistics, used car and truck prices fell 2.9% sequentially in November, marking the fifth straight monthly decline for the used auto index .
O’Reilly Automotive ( ORLY ), Genuine Parts Company ( NYSE: GPC ), and AutoZone ( NYSE: AZO ) each edged lower on Tuesday in the retail sector. Additionally, Monro Inc. ( MNRO ) marked a modest decline while Driven Brands ( DRVN ) dipped just over 1% in midday trading. Those declines followed after larger drops for prominent auto dealers such as Sonic Automotive ( SAH ) -3.44% , Penske Automotive Group ( PAG ) -2.92% , and Carvana ( CVNA ) -3.03% .
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Auto retail, service stocks edge lower as used auto prices fall