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.
After edging higher for a couple of months, available supply dipped by the end of August.
Tight vehicle inventory continues to vex the auto industry while high prices deter buyers.
The profit index sets another record high, while the price pressure index increased modestly.
As August opened, inventories were running 53% below 2020 levels and 68% below 2019 levels.
Monitoring your vehicles and keys is crucial. GPS tracking systems, parking lot security cameras, rental management software and check-in scanners can all help.
media brand
The secure and easy all-access connection to your content.
Bookmarked content can then be accessed anytime on all of your logged in devices!
Already a member? Log In