Wholesale prices had been moving downward for most of the year and decreased 4% in August from July, widening the divergence with retail prices.
Although economic conditions are worsening, the lack of supply is still the greatest headwind facing the auto industry.
As gas prices surged to record levels, inventory of imports, especially smaller, fuel-efficient models, including hybrids, was among the lowest in the industry at the end of May.
The average listing price as May closed dipped to $28,312, compared with a revised $28,372 at the end of April.
The average price paid for a new vehicle in the U.S. last month was the second-highest on record, behind only December 2021, when average transaction prices reached $47,202.
Inventory has improved since last summer’s supply drought, but availability remains well below pre-COVID levels.
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.
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.
Available inventory is still down 62% behind the same period in 2020. The days' supply as of December remained 48% below Dec. 2020.
Available inventory edged slightly higher but remain below normal.
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