Welcome to the Weekly Automotive Market Minute with Bridget Fitzpatrick:
This week’s retail SAAR of new car sales came out to 12.31, a 2.9% dip from 12.69 in 2019.
New-vehicle sales hit 256,973 slightly up 3.8% from last year when the inventory sold was 247,504.
Used vehicles continue to stay on pace with last year’s numbers. The inventory of used-vehicle sales sat at 179,651, up 5% from the year prior’s total of 171,304.
Inventory levels among all new vehicles were down 11.4% from 2019.
Used car inventory, however, was up 15.4%.
The Dow Jones was up 0.35% at opening bell this morning while the S&P 500 was up 0.15%. Average interest rates remain low at 3.1%, 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.