Inventory levels continued to decline in June — down about 70 percent from where they were at the same point in 2019 — as production interruptions from supply shortages combined with strong retail demand continued to empty dealership lots.
Dealers had just 1.13 million vehicles on hand or in transit to start July, according to data compiled by Cox Automotive subsidiary vAuto. That represented what Cox said was a record-low 25-day supply, based on the selling rate from the previous 30 days. It also was about 650,000 vehicles lower than where the industry was a month earlier, when dealers had access to a 35-day supply.
Several brands had retail supplies of less than 25 days, Cox said, including Toyota and Kia. Lexus and Land Rover had the lowest available inventories among premium brands, according to the vAuto data.
On the other end of the spectrum, Stellantis' Alfa Romeo and Fiat brands had the best available remaining inventories on a days' supply basis.
Cox said inventory levels for mass-market brands fell below 1 million vehicles to about 934,000 to start July, while luxury vehicles represented the remainder. Within segments, inventories remain scarcest for minivans, followed closely by SUVs, crossovers and pickups; inventory levels were better among large cars, luxury cars, electric vehicles and subcompact crossovers.
Supplies of higher-priced vehicles, while still low, were not as restricted as those at starter prices.
