The total U.S. supply of available unsold new vehicles opened May at 51% above a year ago, but volume is still down 26% from 2019 levels.
Wholesale flattens mid-month, while used retail vehicle sales rose slightly but are still down compared to last year.
Domestic brands continue to have the highest inventory while Asian imports rank lowest.
The latest numbers more activity in the lanes at Manheim in the second half of the month and finished the last week of February with some of the strongest weekly gains in wholesale prices for many years.
Inventory levels reach the highest point since June 2020 while the number of buyers who can afford a new vehicle is the best since June 2021.
For the full year, Cox Automotive estimates sales for used retail were down about 3%, curtailed by a constrained supply of newly used vehicles in the market.
Manheim expects constrained growth with a volume increase of less than 1% in 2024, indicating a return to a more normal market.
EV inventory is stacking up on dealer lots as consumers spooked by high prices and sparse charging stations second-guess or resist buying them.
The total U.S. supply of available unsold new vehicles in November climbed 57%, or 925,000 units, from the same time a year ago.
Analysts are expecting a measured movement through December and the year, which should reach the January forecast for a 4% year-over-year decline.
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