GMC new vehicle inventory ran at over 60 days supply in June 2023, above the 53 days supply average across the U.S. auto market at a whole. However, these numbers of new vehicles at GMC dealerships are lower than the approximately 70 days supply Big Red was running at in both February and March.
The GMC June inventory level reported by Cox Automotive is roughly on par with the 60 days supply considered to be the optimum level by the National Automotive Dealers Association (NADA) and a number of other organizations specializing in auto market analysis.
Via Cox Automotive
Big Red’s inventory levels have been relatively high in 2023 because of a backlog of GMC Sierra pickup trucks. Sales of the truck failed to draw down supply earlier in the year, leading to a production pause of several weeks alongside a similar pause for the Chevy Silverado.
GMC’s dealer inventory of new GMC Sierra trucks was running at 80 days supply back in March. While Cox Automotive didn’t report on the nameplate’s June 2023 inventory, it did note full-size pickups overall had an average of 80 days supply across the U.S. auto sector.
Cox remarked that 80 days supply is fairly normal for pickups because of the large number of configurations automakers offer for these vehicles. It also noted high inventory for the best-selling full-size trucks from the “Detroit Three” during June, with the Ram 1500 and Ford F-150 both surpassing 100 days supply.
A backlog of EVs built up at dealerships during June, with an average of 100 days supply for all-electric models. GM EVs had much lower inventory than the overall auto market’s 103 days supply. The Chevy Bolt EV had just 23 days on hand at dealerships and the Cadillac Lyriq ran at 50 days for the month. The GMC Hummer EV was the exception, reaching 100 days supply. However, GM told Cox Automotive that many new EVs from all of its brands that are currently in transit have already been sold.
“Sales of new vehicles closed the first half of 2023 surprisingly strong.” is how Charlie Chesbrough, a senior economist at Cox, characterized the 20 percent year over year sales jump across the sector. He remarked the surge was “pent-up demand from individuals and businesses” in an auto market where production and supply are finally reaching levels not seen for several years.
While sales surged, prices edged upward only 3 percent, showing roughly equal gains in supply and demand. Meanwhile, dealers are offering bigger incentives, reaching levels unseen since 2021. Overall, incentives amounted to 4.2 percent of the new vehicle average transaction price (ATP).
Luxury vehicles topped the charts with the highest incentive levels at 7.4 percent of ATP. Luxury vehicle sales amounted to 18.8 percent market share in the U.S., increasing from 18.4 percent in May 2023. EVs had the next largest incentives at 7.1 percent of new vehicle ATP.
U.S. auto market June inventory ended the month at 1.95 million new vehicles, reaching a level last seen in April 2021. Relative to June 2022 this number rose by 835,000 vehicles, an increase of 75 percent.
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Comments
Where are they? Waiting for transit?
My local GMC Dealer has about 30 Sierra 1500’s on the lot including 3 AT4X’s, a few Sierra HD’s, 4 Canyon’s (all 2wd), a couple of Yukon’s, and maybe a dozen Acadia’s. But, even this is low inventory for a dealership that normally has over 400 new cars.
Not many around here.
GM has got to figure out how to get vehicles to customers! Mary is going to have to get creative.
Why lead this article about GMC with 60 days supply and then mention in the body of the story that Fird and Ram had a 100 day supply?
As usual, no mention made of the Canyon. To say that they are rare as hens teeth on dealer lots is an understatement! I have yet to see one on a dealer lot And have never seen one on the road. About three months ago I drove by the Wentzville plant and there were quite literally thousands of Canyons and Colorados sitting there. Dealers continued to be in the dark as to when they might receive one of these. Very frustrating!
My local GMC dealer has 4 Canyon’s, but they are all Elevation trims, and they are all 2wd. My local Chevy dealer has a few Colorado’s, but most of them look to be the base Trail Boss trim. I have seen a few of the new Colorado’s on the road, but no new Canyon’s yet. My salesman told me that the lease rates are not great and the rebates are almost non-existent…the lease rates are similar to an SLT Sierra right now.
I have had one order for 1 year. Still waiting, but did finally receive a vin. I think poor management is part of the problem.
My local dealer has ZERO canyons, ZERO Yukons, ZERO SLT sierras, 4 Acadias and about the same amount of terrains. An abundance of Buick Encore GXs, no Envisions and 4 Enclaves. They have one of the biggest lots on the hwy and at one point in time had a mass variety of inventory. It’s a real shame. The 50k some odd vehicles waiting for transport needs to be figured out ASAP.