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According to Carscoops, recently released data reveals a 57% year-over-year increase in new car inventory levels in the US for June.
Specifically, data from S&P Global Mobility indicates that North American automakers now hold nearly 2.9 million new vehicles in inventory. This marks a stark contrast to the situation during the pandemic, which was characterized by a semiconductor crisis.
In 2021, inventory levels in North America dipped to around 900,000 units, implying that current inventory levels of cars, SUVs, and pickups in the region are three times higher than they were three years ago.
North America’s inventory levels in June also represented a 1.8% increase compared to the previous month, marking the 13th consecutive month of growth.
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The ample inventory means that customers in North America will have more options when purchasing a vehicle. Carscoops suggests that instead of enduring lengthy waits for their preferred specifications, American customers can now visit any dealership and find a suitable car.
However, sales do not seem to be growing in tandem with inventory levels. Currently, car prices in the North American market are exceptionally high, pricing out many potential buyers. The average new car price in the US peaked in July last year, dropped sharply in March, and has since been climbing steadily.
Data from S&P Global Mobility also reveals that inventory levels for most vehicle types have been steadily climbing since the summer of 2022. In contrast, CUV inventory levels experienced a significant surge starting in July 2023, lasting for about six months, before tapering off and then spiking again in May and June.
For context, while the overall US auto market saw a 1.8% increase in inventory levels in June, the CUV segment reported a 7.4% jump during the same period.
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