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Total vehicle sales were down again in June:

The Wall Street Journal says this is because of a “newfound discipline” among domestic automakers, who now resist the urge to dump excess cars on rental car companies at cut-rate prices. Maybe so. But dealer inventories are rising, and the reason fleet sales are declining in the first place is because rental companies are wary of depressed resale prices. Either way, vehicle sales are now at their lowest level since the beginning of 2014. Hum de hum.

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