Welcome to the Weekly Automotive Market Minute with Jim Fitzpatrick:
This week’s retail SAAR of new car sales came out to 13.07, an 8.8% increase from last year’s 12.01.
New-vehicle sales sat at 215,281 a 6.6% improvement from last year when the inventory sold was 201,917.
Used vehicle sales were up compared to last year’s numbers, as used sales came out to 202,384, a 1.7% jump from the year prior’s total of 198,987.
New vehicle inventory was down 8.3% from this time last year.
Used car inventory, however, was up 17.4%.
The Dow Jones was down 1.48% at opening bell this morning while the S&P 500 was also down 1.59%. Average interest rates remain low at 2.8%, and the average cost of gas is $2.40 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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