On this week’s episode of the CBT News Market Update, new car sales came out to a retail SAAR of 11.16, down 12.6% from 13.39 in 2019. The inventory of new vehicles sold took a 29.6% drop from this time last year. Used-car sales also dropped below 2019 numbers for the first time since April. Sales came in at 149,050, a 21.5% decrease from last year’s number of 189,766. New car inventory is still struggling, down 19.5% from last year, but we do see about a 1% improvement week over week. Used inventory is up slightly by 7.1%.
Here to break down how these numbers reflect larger industry trends is Lance Shafer, General Manager of Product and Technology at LotLinx, and Bob Lanham, Head of Automotive Retail for Facebook. The pair tackle how dealers’ overall paid digital ad spend has increased to pre-COVID levels.
Did you enjoy this week’s edition of the CBT News Market Update powered by LotLinx? Please share your thoughts, comments, or questions regarding this topic with host Jim Fitzpatrick at firstname.lastname@example.org.