Welcome to the Weekly Automotive Market Minute with Bridget Fitzpatrick:
The retail SAAR of new car sales came out to 12.13 this week, a 14.8% dip from 13.38 in the previous year.
Inventory stock levels among all new vehicles were down 18.4% from 2019.
Inventory stock levels for used car levels were up 7.8%.
New-vehicle sales hit 261,746 this week, a 19.3% drop from last year when the inventory sold was 324,184.
Inventory count of used-vehicle sales sat at 197,343, almost identical to the year prior with only a 0.3% decrease from last year’s total of 197,831.
Stocks opened at notable highs today with the Dow Jones gaining 122 points or 0.43% in the opening minutes of trading. Meanwhile, the S&P 500 and Nasdaq composite increased by 0.4% and 0.8% respectively. Average interest rates remain low at 3.3%, and the average cost of gas is $2.23 per gallon. For more detailed information, 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 email@example.com. Be sure to stay tuned for this Monday’s full-length market update.