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.
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.