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During the past week, two of the Detroit Three automakers announced large vehicle recalls. American Honda, Mazda, and Mitsubishi also announced small recalls. In all, approximately 845,000 vehicles are affected.
While the monthly volume of new-vehicle sales has traditionally been the primary determinant of the health of the U.S. auto industry, the unprecedented growth in the average price of new vehicles in the past five years must be considered another key indicator.
During the past week, Chrysler Group, Mitsubishi, and Nissan issued recalls of several different models affecting a total of just under 700,000 vehicles.