Inventory has improved since last summer’s supply drought, but availability remains well below pre-COVID levels.
The average used-vehicle listing price dipped below $28,000. The inventory volume and days’ supply are both above last year, although sales remain low.
Production will increase with an easing of the chip shortage later this year and sales will rise. Prices will stay high but likely off their records.
Available inventory is still down 62% behind the same period in 2020. The days' supply as of December remained 48% below Dec. 2020.
Available inventory edged slightly higher but remain below normal.
The average listing price of about $27,000 is running 25% above year-ago levels and 38% over pre-pandemic 2019 levels.
New-vehicle inventory levels are still 63% lower than a year ago while the average transaction price hit another record.
Meanwhile, used supply normalizes, rental risk pricing declines, and auto loan performance deteriorates.
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.
The lack of new-vehicle inventory is steering many dealers and consumers into the used-vehicle market, resulting in higher prices for both wholesale and retail used vehicles.
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