Despite lower production, there are more vehicles ready to be sold due to sales losing momentum since June.
Second quarter numbers show emerging competition for buyer choices as more models enter the market.
Tight new-vehicle supply puts upward pressure on new-vehicle transaction prices. Affordability hits 10-year low in July.
Large rental, commercial, and government purchases of new vehicles increased 6% compared to this time in 2020, but decreased by 40% from the same time in 2019.
The Bolt EV saw a 335% sales increase in July to its highest volume ever in a second quarter at 10,857 units.
For the first time in a decade, vehicle buyers were essentially paying sticker price (MSRP) for new vehicles.
Key reasons: Prices paid moved higher, incentives declined, and estimated median incomes fell.
Market watchers had been expecting this slowdown to come earlier in the summer, but deals could still be made. Now there just isn’t enough product available.
A Kelly Blue Book report shows growing interest in electric and green vehicles, especially SUVs.
Figures remain down 16% from year-ago level.
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