Welcome to the Weekly Automotive Market Minute with Bridget Fitzpatrick:
The retail SAAR of new car sales came out to 12.06 this week, an 11.2% dip from 13.39 in the previous year.
Inventory stock levels among all new vehicles were down 16.5% from 2019.
While used car stock count was up 11.1%.
New-vehicle sales hit 265,482 slightly up 1.9% from last year when the inventory sold was 260,492.
Used sales are up year over year. The inventory count of used-vehicle sales sat at 193,676, a 13.3% jump from the year prior’s total of 170,924.
The Dow Jones was up 0.90% at opening bell this morning while the S&P 500 was down 2.78%. Average interest rates remain low at 3.1%, and the average cost of gas is $2.21 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 email@example.com. Be sure to stay tuned for this Monday’s full-length market update.