Used-vehicle inventory volume held steady from July to August, as did prices – a sign of market stability, according to the Cox Automotive analysis of vAuto Available Inventory data.
The total supply of unsold used vehicles on dealer lots, both franchised dealers and independents, across the U.S. stood at 2.46 million units at the close of August, about the same as the revised number at the end of July.
Total days’ supply at the end of August stood at 49, compared with the revised 52 days’ supply at the end of July. Days’ supply in July was 24% above year-ago levels.
“Inventory volume at the end of August was 10% above year-ago levels, so we’re seeing some improvement. In fact, we’re tracking at a fairly normal pace for supply,” said Chris Frey, Cox Automotive’s senior manager for Industry Insights.
The Cox Automotive days’ supply is based on the daily sales rate for the most recent 30-day period, in this case, ended August 29. Sales were 1.50 million, the highest for any 30-day period since May when sales were 1.53 million.
“While used-vehicle sales in total so far this year are down 16% from 2021, the year is tracking in a normal trend line,” said Frey. “The latest uptick in August suggests resilience in the used market.”
By brand, Toyota and Honda had the lowest used-vehicle inventory, with days’ supply at 42 and 41, respectively. They are near the bottom in supply of new vehicles as well.