"The U.S. economy has now moved from 2 percent GDP growth to 3 percent. Fairness in regulation has been a plus. Corporate tax reform is a huge plus, so the pace of growth is indeed going to pick up. So why are vehicle sales going backwards?
"Leasing. You put 4 or 5 million vehicles in leases three years ago; they're all back now. You have a cannibalization. If you look at it all together, nearly new vehicle sales are growing, but you have a substitution. If you continue this level of leasing, it will go on.
"Sometimes you have to think beyond the current month. What you're doing today is affecting business two to three years from now. High lease penetration affects the number of vehicles coming back, which has to be absorbed in the marketplace and therefore impacts new-vehicle [sales]."