Cox, LMC: Days' supply of inventory lowest since 1985

New-vehicle inventories in the U.S. have fallen below the 1 million-vehicle threshold and stand at their lowest point since at least 1985, according to estimates from industry data giant Cox Automotive and analysis firm LMC Automotive.

Cox puts its most recent estimate of available inventory in the U.S. at 915,089, or about a 30-day supply, using the sales rate from the previous month. According to LMC Automotive analyst Bill Rinna, that would be the lowest new-vehicle inventory level in decades. By way of comparison, the industry had 1,432,300 vehicles in inventory in the wake of the 2009 Cash for Clunkers program — about 57 percent more than dealers have this month, according to the Automotive News Research & Data Center.

Cox executive analyst Michelle Krebs said the days' supply figure has stabilized in recent months as the sales rate has slowed. However, ongoing production and supply issues mean new-vehicle inventory is expected to contract further before it recovers.

"It's going to take a long time to fill the pipeline," she said.

Among automakers still reporting sales and inventory monthly, only Toyota Motor North America and Mazda North America were able to maintain their days' supply levels from the previous month, while the remainder shrank.

Subaru continued to have the tightest supply among reporting automakers, with Ford the only automaker with more than a month's supply.