The inventory of new vehicles in the United States experienced a slight increase last month but remained within a narrow range, as reported by Cox Automotive and the Automotive News Research & Data Center.
According to Cox’s data, there were an estimated 1,960,435 unsold vehicles in stock, representing a 56-day supply. This is a 39% increase compared to the same period last year and a marginal uptick from the previous month’s figure of 1,953,512. Cox calculates the days’ supply based on the sales rate over the preceding 30-day period.
Since mid-May, the number of unsold vehicles has fluctuated within the range of 1.9 million units, according to Cox’s estimates. These levels have persisted throughout the summer despite robust sales, but they have yet to surpass the 2 million mark achieved in April 2021.
Cox reaffirmed that the industry’s recovery in production and inventory has followed consistent trends this year. Lower-priced vehicles and segments have experienced the tightest stock levels, while there has been a greater abundance of days’ supply as prices have increased.
Out of the seven automakers still reporting monthly sales and inventory data, six observed a decrease in their days’ supply levels last month, while Volvo’s figures rose. Interestingly, both Ford and Volvo recorded identical 51 days’ supply figures.
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Omprakash Tiwary is a business writer who delves into the intricacies of the corporate world. With a focus on finance and economic landscape. He offers readers valuable insights into market trends, entrepreneurship, and economic developments.
