The supply of unsold new vehicles as March opened was about 1.5 million vehicles less than the stock of a year ago and 2.4 million less than in 2020.
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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.
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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.
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Available vehicle inventory inched higher, edging closer to normal. Key stats: 2.38 million unsold vehicles, 51 days' supply, 69,737 average mileage.
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Despite lower production, there are more vehicles ready to be sold due to sales losing momentum since June.
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The number of unsold new cars and light trucks at U.S. dealerships reached nearly 3.8 million at the start of August, a 71-day supply.
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Spring has come to an end, with cars declining in values greater than trucks.
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