Welcome to the Weekly Automotive Market Minute with Bridget Fitzpatrick:
The retail SAAR of new car sales came out to 12.84 this week, 1.4% higher than last year’s 12.66.
Inventory levels among all new vehicles were down an even 15% from 2019.
However, new-vehicle sales grew to 229,626, up 2.2% from last year when the inventory sold was 224,699.
Used-vehicle sales sat at 188,426, a 4.7% jump from the year prior’s total of 171.941.
In addition, used car inventory jumped 16%.
The Dow Jones was up 0.38% at opening bell this morning, and the S&P 500 was up 0.54%. Average interest rates remain low at 2.7%, and the average cost of gas dropped to $2.16 per gallon.
For more detailed information about the automotive market, check out the CBT News Market Center powered by LotLinx.
Did you enjoy this installment of the Weekly Automotive Market Minute? You can share your thoughts, comments, or questions regarding this topic with host Jim Fitzpatrick at jfitzpatrick@cbtnews.com. Be sure to stay tuned for this Monday’s full-length market update.
Be sure to follow us on Facebook and Twitter to stay up to date or catch-up on all of our podcasts on demand.
While you’re here, don’t forget to subscribe to our email newsletter for all the latest auto industry news from CBT News.
