Even with fleet sales still blunted by the lingering effects of COVID-19 on daily rental-car companies and most production in North America recovering, auto industry inventories continued to tighten in June, especially in light trucks and among certain automakers.
Cox Automotive estimates that total U.S. inventory dropped to 2.55 million vehicles to start July, representing a 70-day supply at current sales rates.
That is down 21 percent from the 3.23 million unsold vehicles — then an 85-day supply — at the same point last year.
Cox said inventories are tighter among nonluxury brands and within the pickup, SUV and crossover segments, while sedans and other cars remain in ample supply.
Most automakers continue to decline to reveal their monthly inventory figures.
However, among those that do report, Subaru still has the tightest inventory, with just a 23-day supply on hand. Toyota's inventory levels also remain extremely tight, especially among its pickups and light-truck lineup.
Cox estimates full-size pickups at just a 68-day supply industrywide, while there was only a 45-day supply of midsize pickups.
Typically, automakers try to keep a 100-day supply of pickups on hand, given the variety of offerings in the segment.