Inventory edges up slightly in October

Inventory levels rose slightly in the middle of October before strong end-of-month demand and continuing production disruptions pulled them back down to near-record lows, according to data from Cox Automotive as well as other industry sources.

Cox put the October inventory figure at about 970,000 vehicles, or a 34-day supply at mid-month — a slight recovery from the 915,000 inventory level a month earlier, which was the lowest in decades.

However, with demand still running several million vehicles ahead of supply across the industry, the added vehicles translated into stronger sales — again dropping unsold stocks down closer to 920,000 to end the month, according to separate industry estimates shared with Automotive News.

"October sales were higher than we expected because supply was higher than we thought," Cox Automotive Executive Analyst Michelle Krebs said.

Among automakers that continue to report monthly sales and inventory levels, most saw their days' supply shrink last month, while Toyota Motor North America recovered slightly and Ford Motor Co. and Volvo Cars USA stayed stable.

Subaru of America continued to have the tightest inventory levels while Ford was again the only reporting automaker with more than a month's supply of vehicles.