Welcome to the Weekly Automotive Market Minute with Bridget Fitzpatrick:
This week’s retail SAAR of new car sales came out to 11.95, a slight 1.5% dip from last year’s 12.14.
New-vehicle sales sat at 231,908 down 11.1% from last year when the inventory sold was 260,831.
Used vehicle sales were down compared to last year’s numbers as well. Sales came out to 175,226, a 10.3% drop from the year prior’s total of 195,226.
Inventory levels among all new vehicles continue to hover just below last year’s levels. New car inventory was down 12.2% from 2019.
Used car inventory, however, was up 13.8%.
The Dow Jones was up 1.54% at opening bell this morning, while the S&P 500 was up 1.62%. Average interest rates remain low at 2.8%, and the average cost of gas is $2.11 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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