TheStreet's Jim Cramer wants to correct the misconception that auto sales are peaking. Cramer says auto sales have to do with two main factors: the age of the car and the cost of gasoline. The average car has been on the road for about 12 years, so drivers will soon be looking for newer, more fuel efficient vehicles. There was talk about the latest recalls potentially hurting GM's dividend, but that?s unlikely given the great June sales figures the automaker posted on Tuesday. Cramer says GM is the best name to buy for investors looking to play the auto sector. GM has a big dividend and a large discount compared to its competitors because of its recall problems. Cramer thinks GM's latest sales numbers were extraordinary. GM is part of Cramer's Action Alerts PLUS portfolio.
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