Welcome to the Weekly Automotive Market Minute with Bridget Fitzpatrick:
This week’s retail SAAR of new car sales came out to 12.71, a 5.8% increase from last year’s 12.02.
New-vehicle sales sat at 196,518 a 9.6% improvement from last year when the inventory sold was 179,254.
Used-vehicle sales were up compared to last year’s numbers, as used sales came out to 194,700, a 6.2% jump from the year prior’s total of 183,331.
New vehicle inventory was down 7.8% from this time last year.
Used car inventory, however, was up 19.3%.
The Dow Jones was up 0.53% at opening bell this morning while the S&P 500 was also up 1.14%. Average interest rates remain low at 3.1%, and the average cost of gas is $2.38 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.