Inventory levels remained near record lows to start the month at 1.08 million vehicles, down about 57 percent from a year ago as consumer demand began to pull back and allowed production to add about 12,000 vehicles, according to data from Cox Automotive subsidiary vAuto.
The inventory level translated to a 31-day supply for U.S. dealers, Cox said. The automotive data company computes days supply based on the selling rate from the previous 30 days. According to Cox, new-vehicle sales had fallen 10 percent from the same period in 2020 and were 23 percent lower than they were at the same point two years ago.
Cox said the 12,000-vehicle gain marked the second consecutive week that dealers were able to add at least a relatively small number of vehicles to their inventories, which remain at historically low levels.