Welcome to the Weekly Automotive Market Minute with Bridget Fitzpatrick:
This week’s retail SAAR of new car sales came out to 12.38, up 1.7% dip from 12.17 in 2019.
New-vehicle sales hit 238,074 up 8.3% from last year when the inventory sold was 219,793.
Used vehicles continue to stay on pace with last year’s numbers. The inventory of used-vehicle sales sat at 176,447, a 5.4% jump from time last year.
Inventory levels among all new vehicles were down 19.3% from 2019.
Used car inventory, however, was up 16.7%.
The Dow Jones was up 0.01% at opening bell this morning while the S&P 500 was up 0.18%. Average interest rates remain low at 3.1%, and the average cost of gas is $2.19 per gallon.
Did you enjoy this installment of the Weekly Automotive Market Minute? You can share your thoughts, comments, or questions regarding this topic with host Jim Fitzpatrick at email@example.com. Be sure to stay tuned for this Monday’s full-length market update.