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 inventory is still down 62% behind the same period in 2020. The days' supply as of December remained 48% below Dec. 2020.
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Available inventory edged slightly higher but remain below normal.
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The average listing price of about $27,000 is running 25% above year-ago levels and 38% over pre-pandemic 2019 levels.
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New-vehicle inventory levels are still 63% lower than a year ago while the average transaction price hit another record.
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Meanwhile, used supply normalizes, rental risk pricing declines, and auto loan performance deteriorates.
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But days’ supply climbed to 43 in September, the highest it has been in months, on higher inventory and slower sales.
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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.
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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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