Welcome to another edition of the CBT News Market Update. To quickly recap this week’s numbers, new car sales came out to a retail SAAR of 12.13 this week, a 14.8% dip from 13.38 in the previous year. Inventory stock levels among all new vehicles were down 18.4% from 2019, while used car levels were up 7.8%. New-vehicle sales hit 261,746 this week, a 19.3% drop from last year when the inventory sold was 324,184. Used-vehicle sales sat at 181,446, a 5.9% increase from the year prior’s total of 171,323.
Here to break down these sales results and how these numbers reflect larger industry trends is Mark Conner, Chief Retail Strategy Officer at LotLinx alongside Doug Wilson, CEO of the Wilson Auto Group.
Here is what our panel covers:
- SAAR and used car sales pacing upwards, consistent with the momentum from the holiday
- Used demand continues to rise while New demand softens – is this the result of rising prices, inventory levels, or consumer preferences?
- New and Used car inventory has been trending upward since the middle of August
- The competitiveness of the market is returning as inventory levels start to normalize.
- We’re still seeing a softening of luxury demand – does this signal a long term shift in buyer preference?
Did you enjoy this week’s edition of the CBT News Market Update with Mark Conner and Doug Wilson? Please share your thoughts, comments, or questions regarding this topic with host Jim Fitzpatrick at email@example.com.