Rising interest rates appear to be impacting U.S. dealer lots as inventory levels continue to slowly recover from their historic lows.
The supply of vehicles rose by 150,000 last month to 1.47 million, according to data from Cox Automotive and the Automotive News Research & Data Center.
The figure is up 67 percent from the previous year, though still less than half of where the industry stood at this point in 2019. It represents a 47-day supply, according to Cox, which uses the selling rate from the previous 30-day period to calculate days' supply. Since June, the total number of vehicles has increased by almost 400,000.