Welcome to the Weekly Automotive Market Minute with Bridget Fitzpatrick:
This week’s retail SAAR of new car sales came out to 12.53, a 5.1% dip from last year’s 13.31.
New-vehicle sales sat at 228,311 down 11.6% from last year when the inventory sold was 258,269.
Used vehicle sales were down compared to last year’s numbers, as used sales came out to 163,534, a 2.8% drop from the year prior’s total of 168,156.
Inventory levels among all new vehicles continue to hover just below last year’s levels. New car inventory was down 11.4% from 2019.
Used car inventory, however, was up 15%.
The Dow Jones was down 0.08% at opening bell this morning while the S&P 500 was up 0.02%. Average interest rates remain low at 2.8%, and the average cost of gas is $2.15 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.