The supply of Chevy vehicles at dealerships declined slightly for June 2023, with the Bow Tie running at approximately 50 days supply for the month, down from 54 days supply in May. Sixty days supply is considered optimal by the National Automotive Dealers Association (NADA) and similar organizations.
Chevrolet’s new vehicle inventory is also slightly below the 53 days supply that was average across the automotive sector during the month, according to information collated by Cox Automotive.
While Cox did not provide inventory data specifically for the Chevy Silverado, it reported full-size pickup trucks still had an average inventory at dealerships of 80 days supply for June. The study noted somewhat higher inventory levels are normal for pickups because of their “multiple configurations.”
Chevy had significant backlogs of unsold trucks earlier in the year, sometimes reaching 100 days supply, and its current inventory may be due in part to high Silverado inventory levels. GM halted production of the Chevy Silverado and GMC Sierra several times, at least in part to reduce excess inventory.
By contrast, many other Chevy models have had very low supply in May or June, such as nine days supply for the Chevy Tahoe and Chevy Suburban SUVs, 17 days supply for the Chevy Traverse crossover, 14 days supply for the Chevy Equinox, and 15 days supply for the Chevy Blazer, among others.
Cox reported that lower priced vehicles continue to have below-average inventory levels. Vehicles costing $80,000 or more have also returned to the theoretical optimum of 60 days supply.
However, EVs showed a significant backlog in June, rising to 100 days of inventory on hand at dealerships on average, with the Ford Mustang Mach-E reaching 116 days.
GM EVs, by contrast, sold well for the most part, leading to low inventories. The Bow Tie’s soon to be discontinued Chevy Bolt EV and Chevy Bolt EUV had 1,200 units available at dealerships, amounting to 23 days supply at current purchasing rates.
Senior Cox Automotive economist Charlie Chesbrough noted that pent-up demand was “unleashed” in June and “sales of new vehicles closed the first half of 2023 surprisingly strong.” In fact, new vehicle sales achieved a level not seen since May 2021 and jumped 20 percent year-over-year compared to June 2022.
Average transaction price only rose 0.3 percent from May and 1.6 percent year-over-year, however, showing supply is also increasing strongly and holding prices steady despite soaring demand. Incentives continued to grow and reached 4.2 percent by late June, another level most recently seen in 2021.
The month of June ended with 1.95 million new vehicles in inventory, equaling April 2021. This amounted to an 835,000-unit increase in available inventory compared to June 2022, a 75 percent surge.