NEW YORK (AP) -- Shares of auto retailers fell Wednesday after Toyota forbid sales of eight car models that may have sticky gas pedals.
Japan's Toyota Motor Corp. announced late Tuesday it would halt sales of some of its top-selling models to figure out what the problem is. Last week, Toyota issued a recall for the same eight models affecting 2.3 million vehicles.
Toyota suspended production at six North American car-assembly plants beginning the week of Feb. 1. It gave no date on when production could restart.
The suspect parts are made by a U.S. supplier CTS Corp., but they are also found in its European-made vehicles, an official with the automaker said Wednesday.
Deutsche Bank analyst Rod Lach said the models account for 58 percent of Toyota's U.S. sales volume for the calendar year. Each week that the cars remain in storage means sales of 250,000 to 300,000 vehicles.
That will affect companies like AutoNation, Lach said, because 20 percent of its sales are Toyotas. AutoNation Inc. fell 44 cents, more than 2 percent, to $18.11 in early afternoon trading.
Other auto retailers Group 1 Automotive Inc. saw its shares fall $2.98, nearly 10 percent, to $28.48. Sonic Automotive Inc. fell 29 cents, nearly 3 percent, to $9.60. And Penske Automotive Group Inc. fell 87 cent, nearly 6 percent, to $13.96. KAR Auction Services Inc. fell 65 cents, nearly 5 percent, to $13.85.
Shares of Toyota fell nearly 9 percent and CTS Corp. nearly 17 percent in afternoon trading.
