Welcome to the Weekly Automotive Market Minute with Bridget Fitzpatrick:
This week’s retail SAAR of new car sales came out to 13.41, a small 1.7% increase from 13.34 in 2019.
Inventory stock levels among all new vehicles are down 17.6% from 2019.
Used-car stock count is up 11.5%.
New-vehicle sales hit 245,659 up 7.5% from last year when the inventory sold was 228,604.
Used vehicles continue to stay ahead of last year’s numbers. Used-vehicle sales sat at 200,175, a solid 14.4% increase from the year prior’s total of 174,978.
The Dow Jones was up 0.07% at opening bell this morning while the S&P 500 was down 0.36%. The NASDAQ composite index was also down 0.86%. Average interest rates remain low at 3.15%, 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 firstname.lastname@example.org. Be sure to stay tuned for this Monday’s full-length market update.