Welcome to the Weekly Automotive Market Minute with Bridget Fitzpatrick:
The retail SAAR of new car sales came out to 12.13 this week, almost identical with last year’s number with only a 0.1% dip from 12.14.
Inventory levels among all new vehicles were down 15.9% from 2019.
New-vehicle sales sat at 229,319 slightly down 1.6% from last year when the inventory sold was 232,923.
Used vehicles continue to stay on pace with last year’s numbers. Used-vehicle sales came out to 186,451, up 1% from the year prior’s total of 184,538.
In addition, used car inventory was up 12.8%.
The Dow Jones was down 0.8% at opening bell this morning while the S&P 500 was down 2.06% and the Nasdaq composite index was up 2.62%. Average interest rates remain low at 3.09%, and the average cost of gas is $2.15 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.