Welcome to another edition of the CBT News Market Update. To quickly recap this week’s numbers, the retail SAAR of new car sales came out to 12.65, a 3% drop from last year’s number 13.03. New car sales sat at 241,527 down 11.5% from last year when the inventory sold was 272,783. Used car sales were also down slightly. They came out to 184,559, a small 1% drop from the year prior’s total of 186,443. Inventory levels among all new vehicles continue to hover below last year’s numbers. New car inventory was down 14.5% from 2019. Used car inventory levels, however, were up 12.6%.
Here to break down these car sales results and how these numbers reflect larger industry trends are Mark Conner, Chief Retail Strategy Officer at LotLinx, and Phil Sura, President of Mudd Advertising.
In today’s segment, our panel breaks down the following:
- Marketing budget trends observed in October?
- How these trends will transition to November and beyond
- Why dealers are starting to demand more than just impressions and clicks from their vendors
- How to use data to help dealers become more efficient
- How dealers can streamline their marketing budgets and reduce wasteful spending
- October SAAR and car sales results.
Did you miss last week’s CBT News Market Update? Watch it here now and be sure to visit the CBT News Market Center powered by LotLinx for current data on the retail auto market.
Did you enjoy this week’s edition of the CBT News Market Update with Phil Sura and Mark Conner? Please share your thoughts, comments, or questions regarding this topic with host Jim Fitzpatrick at jfitzpatrick@cbtnews.com.
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