Welcome to the Weekly Automotive Market Minute with Bridget Fitzpatrick:
This week’s retail SAAR of new car sales came out to 12.31, a 2.9% dip from 12.69 in 2019.
New-vehicle sales hit 256,973 slightly up 3.8% from last year when the inventory sold was 247,504.
Used vehicles continue to stay on pace with last year’s numbers. The inventory of used-vehicle sales sat at 179,651, up 5% from the year prior’s total of 171,304.
Inventory levels among all new vehicles were down 11.4% from 2019.
Used car inventory, however, was up 15.4%.
The Dow Jones was up 0.35% at opening bell this morning while the S&P 500 was up 0.15%. Average interest rates remain low at 3.1%, and the average cost of gas is $2.15 per gallon.
For more detailed information about the automotive market, check out the CBT News Market Center powered by LotLinx.
Did you enjoy this installment of the Weekly Automotive Market Minute? You can share your thoughts, comments, or questions regarding this topic with host Jim Fitzpatrick at jfitzpatrick@cbtnews.com. Be sure to stay tuned for this Monday’s full-length market update.
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