Welcome to the Weekly Automotive Market Minute with Bridget Fitzpatrick:
This week, new car sales came out to a retail SAAR of 11.16, down 12.6% from 13.39 in 2019.
The inventory of new vehicles sold was 188,633 a 29.6% drop from this time last year when the inventory sold was 267,894.
Used-car sales dropped below 2019 numbers for the first time since April. Sales came in at 149,050, a 21.5% drop from last year’s number of 189,766.
Inventory stock levels among all new vehicles was down 19.5% from last year.
Inventory stock levels for used car levels were up 7.1%.
Average interest rates remain low at 3.14%, and the average cost of gas is $2.20 per gallon. For more detailed information, check out the CBT News Market Center 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 Monday. You can share your thoughts, comments, or questions regarding this topic with host Jim Fitzpatrick at jfitzpatrick@cbtnews.com.
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