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 197,343, almost identical to the year prior with only a 0.3% decrease from last year’s total of 197,831.
Here to break down how these numbers reflect larger industry trends is Neal Gann, President of LotLinx and Joe Langley, Research and Analysis Associate Director for North America at IHS Markit. The pair tackle how COVID-19 is changing buying behavior, and the interesting trends that go along with fluctuating consumer demands. They also discuss how dealers can leverage these changes, as well as how Labor Day might potentially help level out sales for August and September.
Did you enjoy this week’s edition of the CBT News Market Update with Neal Gann and Joe Langley? Please share your thoughts, comments, or questions regarding this topic with host Jim Fitzpatrick at email@example.com.