NEW VEHICLE INVENTORY APPROACHING PRE-PANDEMIC LEVELS, JUMPING TO 3.23 MILLION UNITS IN NOVEMBER

Used Vehicle Inventory Remains Steady at 1.91 Million Units

GRAND RAPIDS, Mich., Dec. 4, 2024 /PRNewswire/ -- New vehicle inventory on auto dealer lots rose to 3.23 million units in November, the third consecutive month of 90,000-unit growth, according to ZeroSum's December "State of the Dealer" report.

Current inventory counts of 3.23 million are not far away from the 3.4-3.5 million range seen prior to the pandemic. With turn rates now mired in the 35-38% range over the past six months and days-to-move now exceeding 70 days for the second consecutive month, dealers will have to compete harder for relatively flat sales.

ZeroSum projects vehicle movement will go from 1.17 million in November to 1.18 million in December.

"With inventory levels returning very close to pre-pandemic counts and vehicle movement not following suit, pressure in the marketplace is ramping up," said Jeff Englishmen, Vice President of Dealer Success at ZeroSum. "Persistent turn rates in the 30s and days-to-move now exceeding ten weeks are signals that dealers will have to be diligent in highlighting their supply in order to maximize competitiveness in this environment."

Used vehicle supply in November remained steady at 1.91 million units for both month-to-month and year-over-year. Used vehicle movement also was stable at 1.22 million units in both October and November. Meanwhile, average marketed prices for used vehicles fell year-over-year by $1,763, from $27,891 in November 2023 to $26,128 in November 2024.

"The used vehicle market continues to be in a very steady state position, as it has for the past year," said Englishmen. "With that said, it is worth pointing out the decline in pricing power now versus November 2023, which is related to the new vehicle supply and demand situation."

ZeroSum is an automotive retail agency that provides cutting-edge inventory-based digital marketing solutions tailored to dealers. The State of the Dealer report is the first and premier data source for the new, used, and certified pre-owned automotive market.

Click here to download ZeroSum's entire December State of the Dealer Report, including vehicle movement, turn rate, days-to-move, inventory, and pricing trends for new, used, and certified vehicles.