Welcome to the Weekly Automotive Market Minute with Bridget Fitzpatrick:
This week, new car sales came out to a retail SAAR of 11.03, down 10.6% from 13.48 in 2019.
The inventory of new vehicles sold was 202,089 a 10.9% drop from this time last year when the inventory sold was 226,749.
Used-car sales continue to stay ahead of 2019 numbers. Inventory sold was up to 192,537, a 5.7% increase from last year’s number of 182,080.
Inventory stock levels among all new vehicles were down 21.4% from 2019.
Inventory stock levels for used-car were up 3.3%.
The Dow Jones was up 0.65% at opening bell this morning, and the S&P 500 is up 0.99%.
Average interest rates remain low at 3.08%, and the average cost of gas is $2.17 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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