But days’ supply climbed to 43 in September, the highest it has been in months, on higher inventory and slower sales.
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.
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.
After edging higher for a couple of months, available supply dipped by the end of August.
Tight vehicle inventory continues to vex the auto industry while high prices deter buyers.
The profit index sets another record high, while the price pressure index increased modestly.
A recent quarterly report from Haig Partners shows that buy-sell activity among auto dealerships has exploded, leading to "empty lots and overstuffed wallets."
As August opened, inventories were running 53% below 2020 levels and 68% below 2019 levels.
The current low-supply, high-demand situation means finding and buying a new vehicle may be a challenge.
The latest Cox sentiment index shows more signs of the overall market recovery from the depths of Q2 2020.
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