New Vehicle Inventory, Stuck Near Record Lows, Gets Worse as Buyers Shift from Trucks to Economical Cars, which Vanish

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New Vehicle Inventory, Stuck Near Record Lows, Gets Worse as Buyers Shift from Trucks to Economical Cars, which Vanish (https_wolfstreet.com)

"Inventories of new vehicles at dealers are still desperately short, even as sales have plunged due to vehicle shortages. That has been a given now for over a year, and it hasn’t gotten better, and depending on who is talking, it might get a little better, or it might get worse, if that’s even possible.

The number of new vehicles in inventory on dealer lots remained at 1.13 million at the end of May, down by 70%, or by 2.68 million vehicles, from the same period in 2019, according to estimates by Cox Automotive, based on its Dealertrack data. In 2019, vehicle inventory averaged 3.66 million vehicles.

Inventory by vehicle category.

Sales plunge: inventory shortages and the wrong inventory.

Soaring prices.