US auto sales up 7.5% in 1Q; interest rates hit 15-year high

By TOM KRISHER
AP Auto Writer

DETROIT (AP) — U.S. new-vehicle sales rose 7.5% in the first quarter. The increase came as supplies improved and sky-high prices eased a bit while the global shortage of computer chips started to wane. But the average auto-loan rate hit 7% during the quarter, leaving open the question of whether automakers will offer reduced rates to keep buyers interested through the rest of the year. Automakers sold 3.59 million vehicles during the first three months, compared with 3.34 million a year earlier. Results from companies were mixed. Some thrived with better chip supplies, while others continued to struggle.