According to a recent Cox Automotive analysis, new-vehicle supply closed higher at the end of October than a month earlier, while the average listing price hit another record high, closing in on $45,000. The supply is still low by historical standards.
The total U.S. supply of available unsold new vehicles remained below one million at 969,464 vehicles at the end of October, but that was up from the 885,7731 vehicles at the end of September. Of those, non-luxury vehicle supply was 830,181 vehicles; luxury was 137,107 vehicles. New-vehicle inventory levels are 63% lower than a year ago.
New-vehicle inventory in October 2020 was nearly 2.6 million units for a 65 days’ supply. In pre-pandemic October 2019, supply was nearly 3.5 million vehicles for an 86 days’ supply, according to Cox Automotive data.
The Cox Automotive days’ supply is based on the daily sales rate for the most recent 30-day period. New-vehicle sales had lost momentum since June, but the October sales pace picked up. The seasonally adjusted annual rate (SAAR) rose to 13 million from the year’s low point of 12.2 million in September. Still, with October sales still down 23% from a year ago, the SAAR was far lower than October 2020’s 16.4 million and October 2019’s 16.7 million.