Welcome to the Weekly Automotive Market Minute with Jim Fitzpatrick:
The retail SAAR of new car sales came out to 12.56 this week, only 0.6% higher than last year’s number of 12.49.
Inventory levels among all new vehicles were down 16.4% from 2019.
New-vehicle sales hit 206,143 only 1.1% lower than last year when the inventory sold was 208,462.
Used-vehicle sales sat at 181,299, a 6.6% jump from the year prior’s total of 170,096.
Used-vehicle inventory was up 12.3%.
The cost of oil is up 1.59% while gold was up 1.0%. Average interest rates remain low at 3.08%, and the average cost of gas is $2.18 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.