Welcome to the Weekly Automotive Market Minute with Bridget Fitzpatrick:
This week’s retail SAAR of new car sales came out to 14.1, a 4.1% increase from last year’s 13.52.
New-vehicle sales sat at 227,667 a significant 23.1% improvement from last year when the inventory sold was 184,969.
Used vehicle sales were up compared to last year’s numbers, as used sales came out to 195,259, a 3.4% jump from the year prior’s total of 188,880.
New vehicle inventory was down 8.6% from this time last year.
Used car inventory, however, was up 18.2%.
The Dow Jones was down 0.09% at opening bell this morning while the S&P 500 was also down 0.02%. Average interest rates remain low at 2.9%, and the average cost of gas is $2.35 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.