U.S. new-vehicle inventory reached a two-year high in April, allowing for increased sales, according to a Cox Automotive report.

Supply ended the month at 1.9 million units, up 71% year-over-year, according to Cox’s analysis of vAuto Available Inventory figures.

Days’ supply fell month-over-month from 57 to 53 but was up 47% year-over-year. Cox said 60 days’ supply has historically been the industry normal.

“New-vehicle inventory continues to improve, supporting a pick-up in the sales pace,” said Cox Senior Economist Charlie Chesbrough.

“Clearly, pent-up demand is being unleashed. How much pent-up demand exists is the question. We still expect sales to slow in the second half as economic headwinds, particularly rising interest rates, grow.”

New-vehicle sales jumped 9% year-over-year for a 15.9 million sales pace, exceeding analyst forecasts, partly on the strength of sales into fleets, Cox said. It pointed out that discounts and leasing continued to increase.

Inventory for Cox’s analysis is based on vehicles on dealer lots or in transit, and days’ supply reflects the most recent 30-day daily sales rate.

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