Automaker and dealer inventories fell sharply in May as retail sales recovered from their late March lows and production continued to ramp up after lengthy stoppages.
While most automakers declined to report their inventory figures, those that did saw steep declines in their days' supply to start June, thanks in large part to a much stronger daily sales rate in May compared with the previous month. Toyota Motor North America, for example, saw its days' supply drop from 116 at the beginning of May to just 44 days to start June, with light-truck inventories growing especially tight.
Cox Automotive estimated national inventory at 2.7 million vehicles at the start of June, down from 3.5 million in mid-March and 3.1 million a year earlier, while J.D. Power estimated national inventory at 2.6 million vehicles.
On a brand level, Cox estimated inventory was tightest at Toyota, GMC, Lexus, Subaru and Chevrolet, while Mitsubishi, Jaguar, Buick and Cadillac had the largest days' supplies.