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.
For more detailed information about the automotive market, check out the CBT News Market Center powered by LotLinx.
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 jfitzpatrick@cbtnews.com. Be sure to stay tuned for this Monday’s full-length market update.
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