Inventory dips as summer wanes

Estimated automotive inventories have fallen for the second consecutive month as dealers continue to sell off existing stocks while automakers work through the end of their traditional summer production shutdowns and model-year changeovers.

Automakers and dealers had an estimated 3,684,100 unsold vehicles on hand to begin September, representing a 63-day supply, according to figures compiled by the Automotive News Data Center. The total inventory was lower than the 3,809,000 vehicles they had at the same point last year, representing a 69-day supply, as well as the 3,798,400 vehicles on hand at the start of August, then a 71-day supply.

The inventory figures include estimates for General Motors, Ford and FCA US. Each of the three domestic automakers switched from monthly to quarterly sales reporting and is expected to present quarterly totals at the beginning of October.

The number of unsold light trucks stood slightly higher than it was a year ago, thanks to automakers' ongoing switch to a broader mix of pickups, SUVs and crossovers. That also meant the number of cars in inventory dropped to an estimated 902,800, or about 25 percent of total inventory, below what's been the mix of car and light-truck sales over the last several months.

Subaru, once again, was the only automaker or brand whose inventory turned in less than a month, though Kia Motors inventory stood at just 32 days to start the month.