- New vehicle inventory in June was up 57 percent from last June, S&P Global reports.
- June’s inventory climbed 1.8 percent from the previous month’s total and marked 13 straight months of inventory increases.
- Most segments have experienced steady inventory growth but stock of compact SUVs has risen sharply over the last 12 months.
Forget building new plants to produce EVs nobody wants, it’s new parking lots automakers really need. Data just released shows that new vehicle inventory rose 57 percent in June versus the same month last year.
Automakers in North America are sitting on almost 2.9 million cars right now, according to S&P Gobal Mobility, which makes those pandemic era days when we reported on new vehicle inventory running dangerously low due to a shortage of semiconductors now feel like a lifetime away.
Related: The Fastest And Slowest Selling Car Brands In The US
Back then, inventory had dropped to around 900,000 meaning there are now more than three times as many cars, SUVs and trucks as there were three years ago. Inventory in June was up 1.8 percent over May and marked 13 straight months of inventory increases.
The upshot of this huge stockpile of vehicles is that there’s plenty of choice for buyers. Instead of having to wait for your preferred spec of vehicles to be built there’s a good chance it’s already out there, languishing in some storage compound.
But there aren’t three times as many buyers on hand to purchase the tripled inventory. Unfortunately for automakers – and this is partly a problem of their own making – the high prices of new vehicles makes them unaffordable for many buyers. While MSRPs peaked last July and then dropped as sharply as they had risen through to March of this year, prices have been climbing ever since.
One interesting anomaly is visible in S&P’s figures when looking at inventory separated into segments. While stock of most vehicles has risen steadily since the summer of 2022, compact SUV inventory rose sharply starting in July 2023 for around six months, eased back, and then experienced another spike in May and June of this year. Moreover, even though average inventory for all vehicles rose by 1.8 percent between May and June, it was up 7.4 percent for compact SUVs.
Data/graphs: S&P Global Mobility
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