Advertised dealer inventories took a hit over the July Fourth weekend, as expected, but quickly recovered, even surpassing the year-to-date high reached in June, S&P Global Mobility reported.
The holiday brought an inventory dip in advertised inventory, taking it from 1.843 million in mid-June to 1.761 million on July 3, S&P said. But it climbed back to 1.867 million by mid-July, exceeding the year’s high so far in mid-June.
July Fourth shopping results mirrored recent end-of-month sold inventory volume, S&P said.
Inventories started to recover this year from pandemic-fueled supply chain constraints that made new models scarcer, driving up prices for them and for used vehicles to unforeseen highs. The market has started to normalize as production moves closer to prepandemic volume.
Originally posted on Auto Dealer Today