Welcome to the Weekly Automotive Market Update with anchor Bridget Fitzpatrick. This week, new car sales ended up at a retail SAAR of 11.77, compared to 13.12 at this same time last year.
Inventory levels for new vehicles are currently at 2.7 million which dipped from last year’s level at 3.4 million.
As the inventory levels of new cars fall, dealers are turning to used cars. The inventory of used cars sits currently at 1.5 million, a slight increase from last year’s 1.4 million.
The U.S. national unemployment rate currently sits at 11.1 percent down 2.2 percent from last month.
For the first time ever, average mortgage interest rates dropped below 3 percent, sitting at 2.98 percent. And the average price of gas is 2.20 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.
Did you enjoy this automotive market update? Please share your thoughts, comments, or questions regarding this topic with host Jim Fitzpatrick at firstname.lastname@example.org.