Welcome to the Weekly Automotive Market Minute with Bridget Fitzpatrick:
This week’s retail SAAR of new car sales came out to 14.1, a 4.1% increase from last year’s 13.52.
New-vehicle sales sat at 227,667 a significant 23.1% improvement from last year when the inventory sold was 184,969.
Used vehicle sales were up compared to last year’s numbers, as used sales came out to 195,259, a 3.4% jump from the year prior’s total of 188,880.
New vehicle inventory was down 8.6% from this time last year.
Used car inventory, however, was up 18.2%.
The Dow Jones was down 0.09% at opening bell this morning while the S&P 500 was also down 0.02%. Average interest rates remain low at 2.9%, and the average cost of gas is $2.35 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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