Welcome to the Weekly Automotive Market Minute with Bridget Fitzpatrick:
The retail SAAR of new car sales came out to 12.65, a 3% drop from last year’s number 13.03.
New vehicle sales sat at 241,527 down 11.5% from last year when the inventory sold was 272,783.
Used vehicle sales came out to 184,559, a small 1% drop from the year prior’s total of 186,443.
Inventory levels among all new vehicles continue to hover below last year’s numbers. New car inventory was down 14.5% from 2019.
Used car inventory levels, however, were up 12.6%.
The Dow Jones was up 2.06% at opening bell this morning while the S&P 500 was up 1.78%. Average interest rates remain low at 2.9%, and the average cost of gas is $2.11 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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