New Vehicle Inventory at Two Year High

Cox Automotive’s analysis of Auto Available Inventory data showed that new-vehicle inventories reached its highest level in two years in March.  The U.S. supply of unsold vehicles ended the month at 1.89 million, the highest number since April 2021.  This value is up 70% year-over-year.  Additionally, sales of new models in March rose 9% year-over-year to a seasonally adjusted annual rate of 14.8 million, up from 13.6 million a year earlier. March was the first month where sales surpassed the 1-million mark for a 30-day period since September 2021.

Inventory still remains well below prepandemic levels.  In March 2019, inventory stood at 3.9 million vehicles compared to 1.8 million in March 2023.  Limited inventory has been a major factor in increasing model prices and consumer waiting times.