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Auto Industry Stocks Mixed After Weak July Sales

Three of the biggest names in the auto industry reported weaker-than-expected July sales numbers Tuesday morning, sending Ford Motor Co (F) and General Motors Co (GM) stock down, while Fiat Chrysler Automobiles (FCAU) shares were barely higher in mid-morning trading.

The auto industry's move away from rental fleet sales to companies such as Hertz Global Holdings (HTZ) and Avis Budget Group (CAR) weighed heavily on weaker July results. Barclays said in a Monday note that overall industry sales into rental fleets were down nearly 20% year-over-year in the second quarter, suggesting a trend that could continue into the third quarter.

But overall retail car sales took a big hit as well.

Ford's overall July sales slumped 7.5% compared to July of last year to 200,212 vehicles sold, a larger dip than Kelley Blue Book's 6.2% sales decline...