Welcome to the Weekly Automotive Market Minute with Bridget Fitzpatrick:
This week’s retail SAAR of new car sales came out to 12.7 million, up 2% from 12.4 million in 2019.
New-vehicle sales hit 276,556, a modest 9.7% increase from last year when the number of units sold was 252,070.
Used vehicles are on track to stay ahead of last year’s numbers. Used-vehicle sales sat at 197,883, up 9.1% from the year prior’s total of 181,324.
Inventory levels among all new vehicles were down 19.5% from 2019
Used car inventory was up 6.1%
The Dow Jones was up 1.22% at opening bell this morning, the S&P 500 was up 1.08%, and the Nasdaq Composite Index was up 1.09%. Average interest rates remain low at 3.07%, and the average cost of gas remains at $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.