New-vehicle inventories stay under 2 million — for now

The U.S. new-vehicle inventory rose slightly last month while staying in the same tight band it’s been in all summer, according to data from Cox Automotive and the Automotive News Research & Data Center.

Cox estimated unsold inventory at 1,960,435 vehicles, or a 56-day supply, up 39 percent from the same point a year ago, and up slightly from 1,953,512 a month earlier. Cox uses the sales rate from the preceding 30-day period to calculate days’ supply.

Unsold inventories crossed back over 1.9 million units in mid-May, according to Cox estimates, and have undulated in a small band all summer, despite strong sales, but they have yet to cross back over the 2 million benchmark they last hit in April 2021.

The broader trend lines that have emerged this year as the industry continues to recover production and inventories held true again in July, Cox said. The tightest stock levels again were among lower-priced vehicles and segments, while days’ supply was much more plentiful as pricing increased.

Among the seven automakers still reporting monthly sales and inventory figures, six saw their days’ supply levels decrease last month, while Volvo’s rose, according to figures provided by the Automotive News Research & Data Center. Notably, Ford and Volvo each had matching 51 days’ supply figures.