The inventory of GM vehicles at dealerships reached 534,479 units in March 2024, an increase of 29.6 percent year-over-year from the 412,285 units that were on dealer lots or in transit at the end of March 2023, as revealed by the latest data published in The General’s Q1 2024 sales report.
Dealer and in-transit inventory also rose 17.0 percent from the 456,686 units that were in inventory at the end of December 2023, showing considerable gains from last year’s fourth quarter.
The carmaker says that its inventory levels are “on plan” across its retail brands and that the number of vehicles currently available represents 63 days supply. This means dealers could keep selling vehicles at the same rate for 63 days before exhausting their inventory if no further vehicles arrived. The automotive industry generally considers 60 days supply the optimum level.
General Motors senior vice president and president for North America, Marissa West, said that the automaker’s “inventories are in good shape heading into the spring, and production and deliveries of Ultium Platform EVs are rising, led by the Cadillac Lyriq.” She also said “our brands are all performing well,” explaining that “GM gained retail market share year-over-year with strong mix and pricing.”
The new vehicle inventory of General Motors also increased in December 2023, rising 11.2 percent compared to December 2022. Inventory levels were also higher by 3.2 percent than in at the end of September. Earlier, Q2 2023 inventories registered growth of 4 percent relative to the previous year. Inventory levels not only have a rising trend over time, but the increase seems to be accelerating.
Market share is also increasing for several vehicle models, per the Q1 2024 sales data. The all-new Chevy Trax gained 350 percent market share year-over-year, driven by sales that skyrocketed 481 percent for the quarter. Meanwhile, the full-size Chevy and GMC pickups accounted for a 43.7 percent share of their market segment, a 1.7-point increase.
GM new vehicle sales surpassed inventory numbers for the first quarter, with 594,223 units sold in the United States, driving a 6 percent retail sales increase year-over-year.
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Comments
But (insert name here) said they aren’t seeing any (insert models here) on the lot near them so they must not be able to build, ship and sell them…
This article did have to go and add the Lyriq bit in, didn’t it? Who cares? I’m betting that most of this inventory consists of expensive, gussied-up pickups, because, yes, I’m finding it hard to find many Equinoxes and I’ve hardly ever seen Trailblazers or Encore GXs and NO Trax or Envistas, EVER. The South Korean models all end up west of the Mississippi and God knows where the Equinoxes are going, IF they make it out of Mexico to begin with.
No sympathy for them… They can simply use their “Market Adjustment” price mark-ups to cover the additional floor planning cost.
Keep your sympathy, because dealers aren’t crying about this….you simply projected that. Inventory at 63 days to turn is a good spot. And, since you mentioned it, floor plan doesn’t cost much at 63 days.
correct, its usually free for 120 days on the big franchise dealers. it costs nothing for them to keep cars on the lot
however, all other expenses arent that forgiving.
Inventory is up because people are not buying! The price of a new vehicle has gotten out of hand and dealerships have gotten very wealthy the past 3 years from “ignorant” and “impulsive” buying. Plain and simple
My experience buying a new Terrain was actually quite good.
They reached out to me to gauge my interest in getting out of my lease 10 months early.
I traded my 22 Terrain for an identically equipped 24.
Leased it for 24 months, no money down or first payment due. Just sign and drive. I lowered my payment by $45 per month and got 20,000 more to use for commuting.
I had a similar experience when I purchased a Bolt Premiere
I do have some issues with GM. However, to be fair, I got excellent deals from them and the vehicles have reliable.
uhm my friend, you didnt buy anything. you leased. you replaced one rental with another.
If you want a new vehicle, can afford it, & are ok paying the high interest rate, more power to ya ! The people complaining are the ones unable (or MAYBE) to afford this market right now. New vehicles are nice but each person has to decide for themselves if it’s what they want.
raised msrp. raise destination charge. make everything on constraint. that will fix it!
Interest rates
I noticed during browsing inventory just last night that there are multiple discounts now noting some dealers are not sharing one in particular. GM 7500 off from the car not meeting requirements to keep the gov credit going + safety packages of 3250 or so and more so one called Launch discount that seemed to be about 4k that just some dealers are noting on the detailed cost price online as seen. Now none of my local dealers are showing that launch discount YET the differences area of the model from search results of what iI wanted to what they have showed a launch discount but the section on cost details did not show up for my local dealers but did for several dealers say 100 miles away. So are the dealers trying to keep the launch discoutns as profits for themselves? I primarily searched on LTs with Sunroof. The costs were in the low 40sK. Maybe GM was trying to clear out those early model ships only? In total the LT discounts added up to 7.5k + 3.2k + 4k roughly = 11.7k! bringing prices down to 41Kish.
7.5 + 3.2 + 4 = 14.7 not 11.7. Math is hard
OOPS sorry..hasty post…yes $14.7k was meant.