New-vehicle inventory levels are still 63% lower than a year ago while the average transaction price hit another record.
But days’ supply climbed to 43 in September, the highest it has been in months, on higher inventory and slower sales.
Double whammy: New-vehicle inventory falls below 1 million units in September while the average new vehicle price tops $45,000 for the first time.
After edging higher for a couple of months, available supply dipped by the end of August.
Tight vehicle inventory continues to vex the auto industry while high prices deter buyers.
Despite lower production, there are more vehicles ready to be sold due to sales losing momentum since June.
A recent quarterly report from Haig Partners shows that buy-sell activity among auto dealerships has exploded, leading to "empty lots and overstuffed wallets."
As August opened, inventories were running 53% below 2020 levels and 68% below 2019 levels.
Market watchers had been expecting this slowdown to come earlier in the summer, but deals could still be made. Now there just isn’t enough product available.
Today's video covers ongoing vehicle supply constraints in both the fleet and retail markets; upward pressure on fuel prices; and production slowdowns due to ongoing shortage of microchips impacting orders of 2021-MY vehicles.
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