New car inventories at dealers have swelled across the United States and for the first time since April 2021, the country now has a supply of more than 2 million unsold new vehicles waiting to be taken off lots.
Data from Cox Automotive reveals that inventory hit 2.06 million units at the start of September. This is up from the 1.96 million units of August and is a significant 68% higher than a year ago, representing some 837,000 additional units. The average days of supply of new vehicles sits at 58 days, with the average listing price at $47,417.
Stellantis, Ford, and General Motors are among the brands with large inventories. This comes just days out from current UAW contracts ending with the Detroit Three on September 14. As of the start of September, Dodge had the highest inventory of any carmaker with 136 days’ worth of new vehicles sitting on lots and/or in transit. This positioned the brand above Chrysler with 125 days of supply, Ram with 115 days of supply, and Jeep with 95 days of inventory.
GM’s supplies have not reached the levels of Stellantis. Cadillac had 46 days of supply at the start of September while Chevrolet had 52 days of supply. Both Buick and GMC have above-average new vehicle inventories in the U.S. Cox Automotive hasn’t said how many days of supply Ford had at the start of September but back at the start of August, it had 77 days of inventory.
Read: GM Dealers Are Picking Up Vehicles Straight From The Factory, And Getting Paid To Do It
Some brands have much leaner supplies. For example, Toyota, Honda, and Kia all had supplies of around 30 days while popular models such as the Toyota Corolla, Kia Forte, Honda CR-V, Nissan Sentra, and Chevrolet Trax all had supplies of less than 25 days. In general, inventories are the largest for vehicles in the $60,000 to $80,000 segment and the leanest in the under $20,000 segment at just 21 days.
