Tuesday, August 16, 2022

The Weekly Automotive Market Minute for October 7, 2020

Welcome to the Weekly Automotive Market Minute with Bridget Fitzpatrick:

automotive market

This week’s retail SAAR of new car sales came out to 12.7 million, up 2% from 12.4 million in 2019.

automotive marketNew-vehicle sales hit 276,556, a modest 9.7% increase from last year when the number of units sold was 252,070.

automotive marketUsed 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.

market updateInventory 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.

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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CBT Automotive Network is a multimedia broadcast platform serving automotive professionals. With interviews featuring the biggest names in the industry, daily newscasts following top stories, up-to-date market data, and exclusive articles covering the latest industry trends, CBT is the leading voice of the retail automotive industry.

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