New-vehicle inventory rose in October despite six weeks of Detroit-based worker strikes, Cox Automotive data shows.
Supply reached 2.4 million units, up 62% year-over-year, Cox said. Days’ supply ended the month at 67, up from 60 month-over-month and by 41% year-over-year. Cox said the last time it measured in the 60s, which had been considered normal for the industry, was in March 2021.
“Days of supply is creeping higher as the sales pace is slowing at the start of this year’s final quarter,” said Cox Automotive Senior Economist Charlie Chesbrough. “The supply issues that started in 2021 appear to have passed as most brands have seen their availability improve substantially.”
He said that economic pressures, including high interest rates and still-high vehicle prices, though, are softening sales.
“As we enter the holiday sales season, greater discounting from the automakers seems likely. Otherwise, the days of supply will rise even further.”
Cox said Jeep maker Stellantis had the biggest inventory, despite being one of the strikers’ targets. Dodge, Chrysler, Ram and Jeep all had more than 100 days’ supply.
Originally posted on Auto Dealer Today