Welcome to the Weekly Automotive Market Minute with Jim Fitzpatrick:
This week’s retail SAAR of new car sales came out to 13.07, an 8.8% increase from last year’s 12.01.
New-vehicle sales sat at 215,281 a 6.6% improvement from last year when the inventory sold was 201,917.
Used vehicle sales were up compared to last year’s numbers, as used sales came out to 202,384, a 1.7% jump from the year prior’s total of 198,987.
New vehicle inventory was down 8.3% from this time last year.
Used car inventory, however, was up 17.4%.
The Dow Jones was down 1.48% at opening bell this morning while the S&P 500 was also down 1.59%. Average interest rates remain low at 2.8%, and the average cost of gas is $2.40 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.