As August opened, inventories were running 53% below 2020 levels and 68% below 2019 levels.
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The Bolt EV saw a 335% sales increase in July to its highest volume ever in a second quarter at 10,857 units.
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The manufacturer of Chrysler, Dodge, RAM, Jeep and Fiat recorded a sales increase of 32% in the quarter but it's not back to pre-pandemic levels yet.
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For the first time in a decade, vehicle buyers were essentially paying sticker price (MSRP) for new vehicles.
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Key reasons: Prices paid moved higher, incentives declined, and estimated median incomes fell.
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Market watchers had been expecting this slowdown to come earlier in the summer, but deals could still be made. Now there just isn’t enough product available.
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Cox Automotive Commentary: The third quarter will be the industry’s toughest in 2021, and our analysts are forecasting second-half sales to finish below first half.
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Affordability remains worse than a year ago when prices were lower, incentives were higher and CARES Act payments boosted incomes.
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The average transaction price for a new light vehicle in the U.S. was $37,590 in September, a 0.6% year-over-year increase, according to Kelley Blue Book.
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The average transaction price for a light vehicle in the U.S. in June was $37,285.
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