The average transaction price (ATP) – the price paid – for a new vehicle was only 1.6% higher than a year ago, the smallest year-over-year price increase since the start of the global pandemic, according to Kelley Blue Book. The average new-vehicle listing price was only 3% higher than a year ago. As the month closed, the average listing price edged down to $47,162. At the opening of June, the average listing price was $47,470. The average listing price – or asking price – bounced around some throughout June, ultimately winding up somewhat higher than where it started. In pre-pandemic, pre-chip shortage June 2019, new-vehicle supply totaled 2.72 million units for an 86 days’ supply. While inventory is up substantially compared to 20 levels, it remains low by historical standards. Sales into fleet and increasing incentives supported the sales gain. The seasonally adjusted annual rate of sales (SAAR) climbed to 15.7 million in June, up from May’s 15.1 million rate and 13.0 million in the year-ago June. New-vehicle sales in June rose 20% from last June and posted the highest volume since May 2021. “Pent-up demand from individuals and businesses that could not find their product or a price they were willing to pay last year was unleashed.” “Sales of new vehicles closed the first half of 2023 surprisingly strong,” said Cox Automotive Senior Economist Charlie Chesbrough. The Cox Automotive days’ supply is based on the daily sales rate for the most recent 30-day period ended July 3, when 1.1 million vehicles were sold, up 18% from the same period in the previous year. Historically, a 60-day supply across the industry was considered normal and ideal. Days’ supply has been relatively stable for much of the year, hovering in the mid-50s. Inventory numbers include vehicles available on dealer lots and some in transit. As June closed, supply was up 79% from a year ago, or nearly 876,000 units higher.ĭays of supply stood at 56 at the end of June, up 51% from a year ago when days’ supply was 37. supply of available unsold new vehicles stood at 1.98 million units at the end of June, up slightly from a revised 1.96 million at the end of May.
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