Welcome to the Weekly Automotive Market Update with Bridget Fitzpatrick:
This week, new car sales came out to a retail SAAR of 11.45, down 12.5 percent from 13.48 in 2019.
The inventory of new vehicles sold was 260,021 a 16.8 percent drop from this time last year.
Used-car sales continue to outpace last year’s numbers. Used-vehicle sales were up to 206,468, a 2.8 percent increase from last year’s number of 200,910.
Inventory stock levels among all new vehicles were down 22 percent from 2019, while used car levels were up 3.2 percent
The Dow Jones was up 0.71 percent at opening bell this morning, the S&P 500 is up 0.36 percent, and the average cost of gas is $2.18 per gallon.
Did you miss last week’s CBT News Market Update? Watch it here now, and be sure to stay tuned for this week’s edition, coming Monday. You can share your thoughts, comments, or questions regarding this topic with host Jim Fitzpatrick at email@example.com.