New light-vehicle inventory has reached a 20-month high, according to the National Automobile Dealers Association.
Supply grew from 2.15 million units on Nov. 1 to 2.33 million by Nov. 30, up 8.3% month-over-month.
New-Vehicle Inventory Up
Supply hits 20-month high in November as SAAR falls from October, NADA says.
December 6, 2023
The sales pace dropped for the second month in a row to 15.3 million units, NADA said.
IMAGE: Pexels/Daniel Andraski
1 min to read
NADA points out that with inventory revived from pandemic-era lows, incentives have increased, citing a J.D. Power projection of November average incentive spending per unit at $2,247, up about 22% month-over-month and 106% year-over-year.
Despite the added incentive for consumers to buy new, the sales pace dropped for the second month in a row, said NADA, which put the seasonally adjusted annual rate at 15.3 million units. That’s up 7.4% year-over-year, though – the 15th straight month of year-over-year increases.
Originally posted on Auto Dealer Today
More Industry
EVs Getting More Attractive
A growing percentage of U.S. consumers are open to switching and fewer are adverse to the idea, according to a recently completed survey. That’s despite the end of a tax break.
Read More →
EV Sales Drop in April Following Surge
North American electric-vehicle sales were down 28% year-over-year, a sharp contrast from global EV sales growth of 6%.
Read More →
Auto Loan Outlook Shows Cracks
Recent survey data shows that the overall demand for auto loans is down, but the demand for subprime loans is up as consumers face economic uncertainty and affordability pressures.
Read More →
Lone Star State Store Sells
The Mitsubishi location moves from one Texas automotive group to another, continuing this year’s spate of brisk buy-sell activity.
Read More →
Mitsubishi Gallery Makes Progress
As part of its 2030 business plan, Mitsubishi's North America arm will soon open its first 'gallery' store in Tennessee, where customers can learn about the brand, vehicles and technology.
Read More →
Senators Propose Chinese Connected Car Ban
Just weeks before President Trump is set to meet with the Chinese president, two U.S. senators proposed a bill with the aim of protecting Americans’ data.
Read More →
Consumers Gravitate to Hybrids
A study of Q1 used-vehicle sales shows many consumers are looking to minimize fuel costs but aren’t willing to go all electric and no longer have a tax break incentive to do so.
Read More →
Bad Credit Tanks Attainability
A recent study suggests expectant parents are feeling the burden of bad credit more than other demographics when it comes to buying a new car.
Read More →
A New Consumer Culture in the Auto Dealership
Dealers should aim to build a positive work environment, helping employees execute an efficient experience, from their online research to the final delivery of the vehicle.
Read More →
New-Vehicle Sales Down
A cloudy April forecast was expected due to last April’s sales surge in anticipation of U.S. trade tariff-inflated prices. Meanwhile, automakers pumped up incentives to address today’s consumer wallet woes.
Read More →