Welcome to the Weekly Automotive Market Minute with Jim Fitzpatrick:
This week’s retail SAAR of new car sales came out to 12.64, a slight 1% decrease from last year’s 12.77.
New-vehicle sales sat at 218,151 down 1.3% from last year when the inventory sold was 220,985.
Used vehicle sales are similar to last year’s numbers, as used sales came out to 166,350, a small 3.2% drop from the year prior’s total of 171,787.
Inventory levels among all new vehicles continue to hover just below last year’s levels. New car inventory was down 12.5% from 2019.
Used car inventory, however, was up 13.1%.
The Dow Jones was up 0.20% at opening bell this morning while the S&P 500 was down 0.03%. 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.