Inventory levels of new Cadillac vehicles remained low in October 2023, with just 48 days supply on dealership lots at the beginning of November – a figure well below the 60 days supply considered optimum by many car industry analysts and automakers alike.
These metrics indicate Cadillac inventory increased 4.4 percent month-over-month in October. However, it was still the automaker with the fifth lowest days supply out of all those tracked by Cox, with only Toyota, Honda, Kia, and Subaru registering lower inventory and Toyota lowest at 33 days supply.
Dealerships appear to be unable to keep the brand’s most popular model in stock, with the Cadillac Escalade SUV having only 20 days supply of new vehicles on hand during October.
Meanwhile, Chevy has the next lowest inventory with 66 days supply, followed by GMC at 71 days supply, both above the optimal 60 days benchmark. Out of GM’s quartet of passenger vehicle brands, Buick had the highest supply, with 107 days of new vehicles in stock on dealership lots during the month.
The auto market as a whole is seeing days supply climb as well, with the industry average at 67 days for October 2023 compared to 60 days at the end of September. Total inventory skyrocketed 919,000 units compared to last year, reaching 2.4 million new vehicles and spotlighting a 62 percent year-over-year gain in spite of recent strikes.
Cox senior economist Charlie Chesbrough weighed in on the situation, observing that “the supply issues that started in 2021 appear to have passed as most brands have seen their availability improve substantially.” He remarked that this increased production is now piling up unsold on dealership lots because “market headwinds from high interest rates and high prices are muting sales.”
Chesbrough added that with the arrival of “the holiday sales season, greater discounting from the automakers seems likely,” but that if this does not happen, days supply figures will probably continue climbing.
For now, automakers aren’t significantly lowering their prices. The data shows that the average listing price is close to stable both month-over-month and year-over-year with the October 2023 figure of $47,251 down just 1.5 percent compared to October 2022.