Welcome to the Weekly Automotive Market Minute with Bridget Fitzpatrick:
This week’s retail SAAR of new car sales came out to 11.95, a slight 1.5% dip from last year’s 12.14.
New-vehicle sales sat at 231,908 down 11.1% from last year when the inventory sold was 260,831.
Used vehicle sales were down compared to last year’s numbers as well. Sales came out to 175,226, a 10.3% drop from the year prior’s total of 195,226.
Inventory levels among all new vehicles continue to hover just below last year’s levels. New car inventory was down 12.2% from 2019.
Used car inventory, however, was up 13.8%.
The Dow Jones was up 1.54% at opening bell this morning, while the S&P 500 was up 1.62%. Average interest rates remain low at 2.8%, and the average cost of gas is $2.11 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.