Welcome to the Weekly Automotive Market Minute with Bridget Fitzpatrick:
This week, new car sales came out to a retail SARR of 11.74, down 9.4% from 13.42 in 2019.
The inventory of new vehicles sold was 221,758 a 7.3% drop from this time last year when the inventory sold was 239,092.
Used-car sales continue to outpace 2019 numbers. The inventory of used-vehicles sold was up to 191,808, an 8.4% increase from last year’s number of 176,983.
Inventory stock levels among all new vehicles were down 20.3% from 2019.
Inventory stock levels for used-cars were up 5.4%.
The Dow Jones was up 0.48% at opening bell this morning, and the S&P 500 is up 0.23%.
Average interest rates remain low at 3.21%, and the average cost of gas is $2.18 per gallon. For more detailed information, check out the CBT News Market Center powered by LotLinx.
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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