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Car Dealerships Offer Bargains On President's Day

ANAHEIM ( —President's Day isn't just a federal holiday—it's also a great time to buy a new or used car.

CBS2's Art Barron reports that numerous dealerships plan to stay open late on Monday to offer bargains as they attempt to move out inventory.

"Makes room for all the 2013 spring inventory that's gonna be coming in here to get ready for the big summer bang we usually have," said Andy Maleki of Universal City Nissan.

Alec Gutierrez, a senior marketing analyst for Kelley Blue Book, said car buyers can save up to $3,000 on the holiday.

"This is where you start to find some of those really aggressive cash incentives that are maybe only available for a weekend or two of the year. This is where you start to see $3,000 and $4,000 on pickup trucks or $1,000 and $2,000 on small cars," he said.

Gutierrez said comparison shopping is the key to finding the best deal on a car, but it's only a matter of time before the 2012 inventory dries up.

According to the California Auto Outlook, registrations of new light vehicles in the Golden State are steadily increasing.

In 2011, there were nearly 1.3 million new registrations. In 2012, there were more than 1.6 million. The publication predicts more than 1.75 new registrations in 2013, which would be an 8.2 percent increase over the year before.

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