Inventory levels edge back up in October

New-vehicle inventory levels were up slightly in October to 2.67 million — still well below where they were a year earlier but up from where they were a month ago, according to data collected by Cox Automotive.

The figure represents a 65-day supply to start the month, Cox said, citing its vAuto Available Inventory data. A year earlier, dealer inventories stood at 3.39 million vehicles, which represented an 80-day supply. At the beginning of October, dealers had just 2.54 million vehicles on hand, a 58-day supply, Cox said.

Slow, cautious ramp-ups from production suspensions this year caused inventory levels to drop to their lowest points in a decade as automakers struggled to restock dealers' supplies.

Many automakers no longer report inventory levels. However, among those that do, all reported their stocks growing month over month, with Subaru continuing to hold the tightest days' supply, at 25, according to the Automotive News Data Center. Ford Motor Co., which returned to monthly sales reporting this month, said its dealers had a 70-day supply of new vehicles on hand.

Cox also said inventory levels among luxury brands, which had fallen dramatically this year, were now close to parity with mass-market brands. Luxury brands had a 64-day supply of new vehicles, Cox said, while nonluxury brands' stocks stood at a 65-day supply.

Next-model-year inventories also have recovered and now represent 43 percent of current stocks, Cox said.