During November 2023 and December 2023, inventory levels across the United States of Chevy vehicles tied the industry average at 71 days and 70 days, respectively. Now, the Bow Tie brand’s inventory rose over the course of January 2024 to stand just above the average across the automotive industry.
According to a report from Cox Automotive, Chevy inventory levels stood at an 81 days supply as of January 2024, while the average was 80. This means that at the current sales pace, there is enough inventory on dealership lots to last for 81 days. Notably, a 60 days supply mark is generally considered optimal in the automotive industry. In comparison to the rest of General Motors’ U.S.-market brands, Chevy was ranked roughly mid-pack as Cadillac, GMC, Buick stood at 60, 83, and 119 days of supply, respectively.
It’s worth noting that these all figures are related to the U.S. market.
This notable bump in inventory levels is an interesting statistics as General Motors has been taking actions that would normally reduce inventory across all its U.S. brands. In regard to Chevy specifically, most of its facilities were closed towards the end of the 2023 calendar year for the holidays. In addition, the Detroit-based automaker also scheduled an extra week of downtime at the Fort Wayne plant in Indiana and the Oshawa plant in Ontario where the Chevy Silverado is built, along with downtime at the Factory Zero plant in Michigan where the Chevy Silverado EV is produced, for maintenance projects. As such, one would expect inventory to decrease, not the opposite.
That being said, these decisions likely weren’t made to address the surplus inventory itself. Moving forward, this may change as the days supply figure continues to rise.
For background, this study was based on the daily sales rate for the most recent 30-day period – which in this case ended on February 5th, 2024. Over this timeframe, January 2024 sales rose nine percent on a year-over-year basis for a total sales pace of 15 million units.
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View Comments (8)
Economic conditions are still tough for many and interest rates are not going down. Need larger incentives.
economic conditions havent even begin to sunset. we are still on that spend high. give it time
Interest rates and MSRP are awful. The rise in truck prices have been ridiculous. Hope the metal rusts on the lots because of the awful way dealers treated customers for years. GM will more than likely slow production and dealers will order less and less people will come to see an empty lot. Maybe there will be some serious price drops? NAH they will just have a going out of business sale.
You might want to revisit your last sentence of the article. As the auto companies keep raising prices, those of us who had concidered buying a new vehicle have gotten tired of being squeezed for every last cent.
In Canada, particularly in Québec's province, for example my dealer has a low inventory...
I don't get it. I grew up buying GM. Fixed them drove them had more than over 7 of them in my time. Now all they do is make really strange choices. Trucks pricing out of control MSRP. Did they even build a Maverick competitor even though its selling like crazy? Their cars are not selling because they are so outdated and ride like lumbering giants instead of the mid sized cars they are. EV's are priced to the limit. GM EV's are so new it seems odd to price them so high. Shouldn't the early adopters get a price reduction for year or two for GM's experimental models? Blazer got taken back for repairs, hows that for fair to the owners? Its crazyville at GM.
Demand is soft - GM already had over 450k cars on dealer lots at the end of Q4 2023 (counted as 2023 sales), even after the strike. When you consider the scheduled idling of several factories in 2024 with inventory increasing, something has to give. Either incentives or reducing production - I think they will lean on limiting production of trucks and incentivize everything else.
I have been waiting since November to have my order for a new trailblazer accepted. Now production on 2024 ends on March 31, and 2025 don't start til the fall. I doubt I can wait that long, no local dealers have the specs I wanted and if they did find a dealer in the USA, most are not doing dealer to dealer trades. Thr TB in transit are already spoken for. Outta time and options.