Welcome to the Weekly Automotive Market Minute with Bridget Fitzpatrick:
This week’s retail SAAR of new car sales came out to 12.50, a slight 0.7% drop from last year’s 12.59.
New-vehicle sales sat at 218,496 up 7.5% from last year when the inventory sold was 203,169.
Used vehicle sales are similar to last year’s numbers, as used sales came out to 159,755, a small 4.7% drop from the year prior’s total of 167,627.
Inventory levels among all new vehicles continue to hover below last year’s numbers. New car inventory was down 13.3% from 2019.
Used car inventory, however, was up 9.6%.
The Dow Jones was up 0.9% at opening bell this morning while the S&P 500 was down 0.14% average interest rates remain low at 2.9%, and the average cost of gas is $2.12 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.