Despite generally strong sales in April, the average days’ supply of new vehicles increased slightly to 76 days at the start of May from 74 days a month earlier, according to Cox Automotive’s analysis of vAuto Live Market View data. This rise was primarily driven by brands with over 100 days’ supply, notably Stellantis’s Jeep and Ram, which saw significant increases in inventory.
As of May 2, 2024, the total inventory of unsold new vehicles in the U.S. was 2.84 million units, up 51% from the same time last year and a slight increase from 2.77 million units at the start of April. Despite this, inventory remains 26% lower compared to 2019, with days’ supply tighter by 19%.
Significant inventory surges in certain brands pulled up the industry average. Jeep’s days’ supply jumped by 21% and Ram’s by 14%, both exceeding twice the industry average. MINI and Mitsubishi also saw considerable increases, with MINI’s supply rising to 108 days (a 56% increase) and Mitsubishi’s to 115 days (a 26% increase). Meanwhile, supply remained tight for brands like Toyota, Lexus, and Honda and even tightened for Porsche, which saw a 10-day decrease to 64 days’ supply.
Sales in the last 30 days leading up to May 2 were 5% higher than a year ago, and the seasonally adjusted annual rate (SAAR) for April was 15.5 million, indicating that 2024 could be the best sales year since 2019. The average listing price for a new vehicle at the start of May was $47,433, slightly down from the previous year, while the average transaction price (ATP) in April rose to $48,510, the highest since December 2023. Incentives decreased to 6.3% of ATP, marking the first decline since October 2023.
