The Weekly Automotive Market Update for July 13, 2020

market update

Welcome to the Weekly Automotive Market Update with anchor Bridget Fitzpatrick. This week, new car sales ended up at a retail SAAR of 11.56 units, compared to 13.12 at this time last year. Inventory levels for new vehicles are currently at 254,706 as well which compares to last year’s level at 246,269.

While new car levels are up only slightly, many dealers are turning their focus to used car sales. Used inventory levels are currently at 227,820 compared to 176,951 this time last year. A staggering increase of 28.8 percent.

Interest rates continue to remain low at 3.25 percent and the average price of gas is just $2.10 a gallon. For more detailed information, check out the CBT News MarketCenter powered by LotLinx.

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 Thursday.

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