New-Vehicle Inventory Soared Amid CDK Cyberattack

In June, new-vehicle inventory days’ supply surged to 116 days. Supply of unsold new vehicles increased 52% over last year to stand at 2.91 million units at the start of July.

Inventory is increasing primarily due to the CDK cyberattack which made it difficult, if not impossible, for some dealerships to sell cars.. In addition, despite a stable average listing price of $47,384, affordability remains an issue. Extreme weather and power outages further impacted sales, especially in major markets like Houston. Inventory normalization is expected over the next two months as DMS functionality is restored.