New light-vehicle inventory has reached a 20-month high, according to the National Automobile Dealers Association.
Supply grew from 2.15 million units on Nov. 1 to 2.33 million by Nov. 30, up 8.3% month-over-month.
New-Vehicle Inventory Up
Supply hits 20-month high in November as SAAR falls from October, NADA says.
December 6, 2023
The sales pace dropped for the second month in a row to 15.3 million units, NADA said.
IMAGE: Pexels/Daniel Andraski
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NADA points out that with inventory revived from pandemic-era lows, incentives have increased, citing a J.D. Power projection of November average incentive spending per unit at $2,247, up about 22% month-over-month and 106% year-over-year.
Despite the added incentive for consumers to buy new, the sales pace dropped for the second month in a row, said NADA, which put the seasonally adjusted annual rate at 15.3 million units. That’s up 7.4% year-over-year, though – the 15th straight month of year-over-year increases.
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