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.
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.