U.S. new-vehicle inventories rose sharply last month, reaching the highest level for the start of November since 2014.
Automakers and dealers had an estimated 3,971,000 unsold vehicles in inventory on Nov. 1, a 76-day supply. That's up from the 3,873,700 vehicles on hand at the same point last year, then a 71-day supply. Industrywide inventory at the beginning of October was at 65 days. Sales rose just 0.4 percent in October from a year earlier.
Car inventories rose slightly to a 66-day supply but represented just 27 percent of unsold vehicles on hand, according to the Automotive News Data Center. Light-truck inventories rose to an 80-day supply.
Two automakers had 100 days' worth of inventory or higher: FCA US was right at the century mark — excluding Alfa Romeo, for which figures were unavailable — and Mitsubishi Motors North America had an industry-high 119-day supply of unsold vehicles. Subaru of America continued to have the tightest inventory levels, though it climbed to a 29-day supply from 24 a month earlier. Mercedes-Benz USA had the second-lowest inventory level among manufacturers, with a 51-day supply.
At the brand level, Subaru and Mercedes were followed by Land Rover, at 56 days, while the struggling Fiat brand again posted the highest inventory levels in the U.S., at 192 days. Five other brands had stocks above a 100-day supply: Jeep and Volkswagen, at 109; Ram at 113; Mitsubishi at 119; and Buick at 130.