Welcome to the Weekly Automotive Market Minute with Bridget Fitzpatrick:
This week’s retail SAAR came out to 12.65, a drop from last week’s pace of 13.66. However, the year-over-year change shows a small increase of 1.5%.
New-vehicle sales hit 251,890 units, staying on pace with this time last year, showing only a minimal decrease of half a percent.
Used vehicle sales are staying strong as well. Units sold continue to outpace last year’s numbers by 6%.
Used-vehicle inventory is also up 10.5% at 1,565,623. Over 150,000 thousand more units than 2019.
As expected, new vehicle inventory is still down year-over-year by a whopping 19%. However, weekly trends show a slow and steady recovery.
U.S. stocks climbed this morning amid talks of a second fiscal stimulus package. The Dow Jones rose 320 points, while the S&P 500 gained 0.8%, and the NASDAQ climbed 0.9%. Fed officials report that interest rates are expected to remain at historic lows through 2023 and the average cost of gas today 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.
Be sure to follow us on Facebook and Twitter to stay up to date or catch-up on all of our podcasts on demand.
While you’re here, don’t forget to subscribe to our email newsletter for all the latest auto industry news from CBT News.
