Recent CBT News MarketCenter powered by LotLinx data has found that the 2020 SAAR as of July 21, 2020, is 11,457,857 units, compared to 13,104,082 at this time last year, a 12.6% decrease. Sales for new vehicles are currently at 174,647 compared to last year’s level at 244,566, a 28.6% drop from last year at this time. Used car sales, on a positive note, come in at 175,233 vs 183,636 in 2019; only 4.6% drop from last year.
Here to discuss sales and inventory data trends on the CBT News Market Update are Mark Conner, Senior Vice President and Marketing Officer at LotLinx, and Jessica Caldwell, Executive Director of Insights for Edmunds.
“Definitely some sales need to be made up”, says Jessica. “Every month that we have seen, not April, but May and June, we saw a surprise at the end of the month…the sales came in a lot stronger than forecasted so although things may be a little low now, things could pick up towards the end of the month but inventory could play a big role in that”. She goes on to say, “although, I have been surprised two months in a row now, I’m hoping for a third”.
To hear more great market insights from Mark and Jessica, be sure to watch our entire interview above.
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