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Auto industry inventory levels sat between 1 million and 1.1 million vehicles for the sixth consecutive month in June, according to Cox Automotive.
U.S. light vehicle inventories have fluctuated between 1 million and 1.13 million for the last six months.
Automakers were unable to boost production in June despite a slower sales rate, according to estimates by Cox Automotive and the Automotive News Research & Data Center.
The 1.1 million vehicles represent a 37-day supply under its practice of using the selling rate from the most recent 30-day period, which the company noted was off 35% from 2021.
Record-high fuel prices also may be having a measurable impact on inventory. Hybrid models have the lowest inventory levels, while luxury vehicles and larger cars, as well as nonluxury SUVs and domestic full-size pickups, had the highest.
Stellantis reported the highest days' supply, while Asian automakers operate with the industry's most-constricted inventories. Jack Hollis, head of sales for Toyota Motor North America, reported that Toyota-brand dealers began July with just 1.5 days' supply of vehicles on their lots. He said the company also has two weeks' worth of additional vehicles awaiting delivery to dealers.
Originally posted on Auto Dealer Today
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