On this week’s episode of the CBT News Market Update, new car sales came out to a retail SAAR of 11.03, down 10.6% from this time last year. The inventory of new vehicles sold took a 10.9% drop year over year. However, used-car sales continue to stay ahead of 2019 with a 5.7% year over year increase. New car inventory is still struggling, down 21.4% from last August, but used inventory is up slightly by 3.3%.
Here to break down how these numbers reflect larger industry trends is Jonas Moskowitz, Senior Vice President of East Coast Sales for LotLinx, and Zo Rahim, Manager of Economics and Industry Insights at Cox Automotive.
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 email@example.com.