Welcome to the Weekly Automotive Market Update with anchor Bridget Fitzpatrick. This week, new car sales came out to a retail SAAR of 10.85, a 14.4% dip from 12.67 in 2019.
Inventory levels for new vehicles started to move a little closer to last year’s numbers with only a 15% gap, the closest percentage since the end of May.
This week the new car inventory sat at 2.8 million whereas last year’s level was 3.4 million.
Used car inventories currently sit at 1.2 million, a slight decrease from last year’s 1.4 million.
Interest rates remain low at 3.1 percent and the average price of gas is $2.18 cents a gallon.
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Did you miss last week’s CBT News Market Update? Watch it here now, and be sure to stay tuned for this week’s edition, coming Monday. You can share your thoughts, comments, or questions regarding this topic with host Jim Fitzpatrick at jfitzpatrick@cbtnews.com.
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