Welcome to the Weekly Automotive Market Minute with Bridget Fitzpatrick:
This week’s retail SAAR of new car sales came out to 13.06, a 0.8% dip from last year’s 13.17.
New-vehicle sales hit 246,628 up only 0.5% from last year when the inventory sold was 245,318.
Used vehicles were down from 2019 levels. The inventory of used-vehicle sales sat at 171,769, a 1.6% dip from last year’s total of 174,523.
Inventory levels among all new vehicles were down 9.0% from 2019.
Used car inventory, however, was up 16.5%.
The Dow Jones was up 0.60% at opening bell this morning while the S&P 500 was up 0.49%. Average interest rates remain low at 3.2%, and the average cost of gas is $2.24 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 firstname.lastname@example.org. Be sure to stay tuned for this Monday’s full-length market update.