SAN ANTONIO- The Federal Reserve may have cut interest rates by half a percent, but that might not be enough to get an avalanche of car buyers into local dealerships anytime soon. Some in the auto industry feel it will take a series of rate cuts before consumers see affordability in the auto industry, but they feel rate cut is a good start.

“We think a few more cuts and maybe into late winter or early spring we will see it be big enough for people to really come in and take advantage of those interest rates,” says April Ancira, VP of Ancira Auto Group.

Ancira says it’s taking longer than they anticipated for rates to come down.

“I think we’re going to be alright because a lot of the manufacturers have specific vehicles that are incentivized with 0% or 2.9% things like that to really bring people in,” says Ancira.

Last week, the Federal Reserve cut rates. While some may assume it’s enough to see an uptick in vehicle buying, Rod Griffin, Sr. Dir. Consumer Education and Advocacy for Experian, a consumer credit reporting company, says a couple of hurdles remain such as loan approval and taking advantage of lower insurance rates.

“Our economy we’re fortunate is strong relative to much of the country 3:05 so people are in a better position to buy,” says Griffin.

While the next Fed meeting isn’t until after the presidential election and future rate decreases are not guaranteed, Ancira remains optimistic about the future for their employees.

“Ancira employs about 800 people here, so we are very dependent on strong sales, strong service, and people coming in, but the good news is when people are hanging on to their vehicles because interest rates might be higher they’re going to have to service them and maintain them so at least our service component is staying strong,” says Ancira.