The Surge in New Vehicle Inventory in the U.S.
Stellantis Brands Lead the Inventory Increase
At the beginning of May, the new vehicle inventory in the United States saw a significant surge, with four Stellantis-owned brands contributing to this rise. Jeep, Ram, Dodge, and Chrysler were among the automakers with a substantial increase in inventory levels, leading to a higher-than-average industry supply.
Industry Inventory Analysis
An analysis conducted by Cox Automotive revealed that the average days’ supply of new vehicles in the U.S. rose from 74 days to 76 days at the start of May. This increase translates to approximately 2.84 million vehicles in inventory across the country, marking a significant uptick from previous months. The current inventory level is also 961,000 units higher than the same time last year.
Jeep and Ram Dominate Inventory Levels
Jeep and Ram stood out with at least twice the industry average of supplies, indicating a substantial increase in their inventory. Jeep’s inventory surged by 21% from April, while Ram’s inventory saw a 14% increase. Additionally, Dodge, Lincoln, and Chrysler had high days’ worth of supply, showcasing a trend of increased inventory levels among various automakers.
Other Automakers Follow Suit
Several other car manufacturers also reported inventory levels above the industry average. Brands like Infiniti, Volvo, Mitsubishi, and Mini witnessed a notable increase in their new-vehicle inventory, signaling a broader trend in the industry.
Brands with Below-Average Inventory
On the flip side, some brands reported inventory levels below the industry average. Acura, Chevrolet, Land Rover, Porsche, Honda, and Toyota had lower days’ worth of supply compared to their counterparts, with Toyota having the smallest inventory at just 30 days.
Positive News for Buyers
Despite the inventory surge, there is some good news for new car buyers. The average listing price for a new vehicle decreased slightly compared to the previous year. Additionally, high-end vehicles priced at $50,000 and above saw a 5% increase in inventory, offering more options for buyers nationwide.
