New-Car Inventory, Sales Up
August supply improves to highest level in nearly 2 ½ years, Cox Automotive says.
New-vehicle deliveries were up 15% year-over-year.
IMAGE: Pexels/Erik McIean
New-vehicle inventory continues to rebound from the pandemic, as August supply was up 68% year-over-year to 2.06 million, the greatest supply since April 2021, Cox Automotive says.
That translates to days of supply of 58, up 46% year-over-year and holding steady to the level Cox said it’s been most of this year. It considers a 60-day supply the industry normal.
Most domestic brands’ supply was above the industry average as the month ended, Cox said, Cadillac and Chevrolet the only outliers. Import brands, though, had supply as low as less than 25 days.
Sales also rose in August. New-vehicle deliveries were up 15% year-over-year, and the seasonally adjusted annual sales rate, or SAAR, hit 15 million, helped along by increased fleet deliveries.
The average listing price on new vehicles rose 2% year-over-year to $47,417, Cox said.
LEARN MORE: New-Vehicle Ownership Costs Keep Going Up
Originally posted on Auto Dealer Today
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