Inventory levels reached their lowest point since October 2009: 1.78 million, or a 35-day supply, at the start of the month, according to estimates from Cox Automotive.
The figure represents a decline of about 460,000 vehicles from the previous month, Cox estimated, as dealership stocks continued to dwindle in the face of strong retail demand and supply-chain-related disruptions. The company compiles its analysis from vAuto Available Inventory data and uses the selling rate of the most recent 30-day period to calculate its days’ supply estimate.
Cox said dealership stocks were running 43 percent lower than they were a year ago, and 54 percent leaner than the same period in 2019.
Subaru had the tightest days’ supply in the industry to start the month, among brands reporting monthly sales and inventory to the Automotive News Research & Data Center. Toyota Motor North America — which company officials said had experienced “the best five months in the company’s history” to start the year — continued to have one of the industry’s tightest supplies on dealership lots but still posts record sales.
Nonluxury vehicles totaled 1.3 million, or a 34-day supply, Cox said, while luxury vehicles made up the balance and had a 41-day supply.
Few brands or automakers have ample inventories, according to Cox estimates, and among segments, pickups, SUVs and crossovers continued to have historically low stocks, with General Motors full-size and midsize pickup inventories at less than a third of their normal levels.