New car buyers are currently faced with dwindling dealer inventory, with popular models flying off dealer lots and supply running dry. That includes the Chevy Colorado pickup, which is currently running at a very low seven-day supply.
According to a report from Cox Automotive, General Motors’ midsize pickups are in very short supply, with the Chevy Colorado down to just seven days’ of inventory, and its corporate cousin, the GMC Canyon, down to six days’ of inventory.
The latest Cox Automotive report is based on an analysis of vAuto Available Inventory data, with findings indicating that broader U.S. automotive supplies are trending down over the last several months. Record sales numbers in April contributed to dwindling inventory supply levels, with the ongoing global microchip shortage exaggerating the issue.
The Cox Automotive analysis is based on daily sales rates over the last 30 days, which show a 111-percent increase in sales during the month of April as compared to same time period last year.
As GM Authority covered previously, General Motors’ Wentzville production facility in Missouri recently transitioned from three production shifts to two production shifts, with downtime planned later this month to last through July. Production for the Chevy Colorado pickup is expected to suffer as a result, with total volume reduced by a few thousand units per month.
The latest reports indicate that GM vehicle inventory shrunk by 50 percent in April as compared to April of 2020.
Per the recent Cox Automotive analysis, pickups and SUVs were two of the segments with the lowest average inventory supply. This was reflected in General Motors’ lineup with inventory of the Chevy Colorado and GMC Canyon, as already mentioned, as well as the Chevy Silverado and GMC Sierra, which showed inventory figures at 27 days’ supply and 28 days’ supply, respectively. Inventory supplies for the Chevy Tahoe, Chevy Suburban, and GMC Yukon were also quite low, each under the 30-day supply mark, while supply for the new Cadillac Escalade was in the teens.