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Ford, GM say they’ll ship unfinished vehicles by year’s end as supply issue eases.
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NADA President and CEO Mike Stanton discussed the state of automotive retail today in the most recent NADA Update.
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Though improved, inventory issues remain, along with other market pressures.
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The average interest rate paid on a new vehicle purchase hit 5.7% in September, up from about 4% in 2021.
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J.D. Power and LMC Automotive report predicts average new vehicle transaction prices will hit a record $46,259 in August.
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Automakers blame tightened inventories for double-digit sales declines, but warn higher interest rates, gas prices and rising inflation will push buyers out of the market.
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General Motors has asked its dealers to help prevent customers from quickly flipping high-demand vehicles and adding high markups.
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Auto industry inventory levels sat between 1 million and 1.1 million vehicles for the sixth consecutive month in June, according to Cox Automotive.
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The number of vehicles canceled from automaker production schedules worldwide due to the shortage now exceeds 2 million, according to AutoForecast Solutions.
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Consumers seeking lower prices on dealership lots must wait until 2023, reported auto-industry leaders at the New York International Auto Show.
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