Welcome to the Weekly Automotive Market Minute with Bridget Fitzpatrick:
This week’s retail SAAR of new car sales came out to 12.7 million, up 2% from 12.4 million in 2019.
New-vehicle sales hit 276,556, a modest 9.7% increase from last year when the number of units sold was 252,070.
Used vehicles are on track to stay ahead of last year’s numbers. Used-vehicle sales sat at 197,883, up 9.1% from the year prior’s total of 181,324.
Inventory levels among all new vehicles were down 19.5% from 2019
Used car inventory was up 6.1%
The Dow Jones was up 1.22% at opening bell this morning, the S&P 500 was up 1.08%, and the Nasdaq Composite Index was up 1.09%. Average interest rates remain low at 3.07%, and the average cost of gas remains at $2.18 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.
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