American automobile glut? Unsold cars piling up

Thinking about buying a new car? Consider getting it this summer and you might get a good deal from a local dealer.

That’s because there’s a glut of cars – more than 3.25 million - languishing on lots right now, according to Bloomberg Businessweek. That’s the most unsold inventory in more than five years, and 2015 models are set to hit showrooms in September.

Dealerships are optimistic that low interest rates and accessible loans will steer buyers to car lots before the end of August.

Read more from Bloomberg Businessweek.