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Available inventory is still down 62% behind the same period in 2020. The days' supply as of December remained 48% below Dec. 2020.
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Analysis: A big drop of 20% to 30%, as one report suggests, is highly unlikely. History tells us a decline of more than 10% is rare indeed.
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The average price paid for a new non-luxury vehicle in December 2021 was $43,072, slightly down from the record high set in November but still $900+ over sticker.
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New-vehicle inventory levels are still 63% lower than a year ago while the average transaction price hit another record.
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When looking ahead to the next 12 months, it is clear that it will become more expensive to operate a fleet in the coming years. Vehicle acquisition costs have increased due to reduced fleet incentives. Fuel prices, in all likelihood, will continue to trend upward and maintenance costs will ratchet higher due to more companies adopting extended replacement schedules.
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But days’ supply climbed to 43 in September, the highest it has been in months, on higher inventory and slower sales.
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Double whammy: New-vehicle inventory falls below 1 million units in September while the average new vehicle price tops $45,000 for the first time.
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In this video, hear from the CTO of IntelliShift, Ryan Wilkinson, about the data that keeps vehicles running longer in the age of the supply crises.
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While BMW uses VC funding to extract lithium for battery cells, GM partners up with another company to source rare earth materials to manufacture EVs.
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Learn why model year 2022 product availability will most likely repeat MY 2021 constraints in this episode of State of the Fleet Industry.
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