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Cox Automotive and LMC report new-vehicle inventories shrank to just over 915,000 in September and predict further shrinkage as production issues and supply shortages linger.
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Automobile sales in September are forecast to slow for the fifth straight month, as tight inventory, high prices take a toll on the industry.
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Current inventory levels rest at a 31-day supply for U.S. dealers, reports Cox Automotive subsidiary vAuto.
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The slowing auto market will lead Cox Automotive to revise downward its full-year new-vehicle sales forecast.
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August will be a fourth consecutive month of slowing sales and looks to be coming in even lower than our forecast of 1.2 million, a 9% decline from August 2020.
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The frenzied sales fever that pushed new car sales to record heights is cooling, with demand for pre-owned vehicles returning to more normal levels.
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A majority of dealership leaders – approximately 65% – report they plan to increase the total number of employees in the dealership this year.
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Automakers reported impressive monthly results, showing increases that ranged from 40% to 70% compared to unit sales during the pandemic.
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Wholesale used vehicle prices have increased 37% over the past 20 weeks and used retail prices rose 15% since the end of 2020.
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vAuto reports vehicle inventories dropped to 2.24 million vehicles in April, representing a 44-day supply.
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