The inventory of new vehicles at GMC dealerships was enough to cover 76 days of sales, or a 76 days supply, in March 2024, the latest data shows, down from an 83 days supply at the end of January, when a trend from the colder months reached its peak.
While the absolute number of vehicles at dealerships is actually rising for many brands, days supply is dropping as spring sales pick up momentum with the return of more pleasant weather across the U.S., including for GMC.
The March 76 days supply figure for GMC is notably above the 60 days supply usually thought to be optimal in the auto industry. It’s also slightly higher than the average U.S. dealership inventory of 72 days supply at the end of March. The prices for new vehicles from the Big Red brand fell slightly compared to February, but rose by several percent year-over-year.
Buick also had a higher-than-average days supply, with 76 days likewise at dealership lots, while The General’s two other major brands, Chevy and Cadillac, had inventory levels below the U.S. average for March. The days supply for these marques stood at 69 days and 62 days respectively. All four had a falling days supply thanks to the spring sale season gathering momentum.
Similar factors operated in the U.S. auto market as a whole. Raw numbers of vehicles on dealer lots went up, rising from 2.74 million vehicles in February to 2.77 million vehicles in March. However, days supply went down as consumers purchased the vehicles faster.
More factors are at work than a change in the weather, however. Cox notes that 2024 appears to be shaping up as the year with the strongest sales since the year before the COVID-19 pandemic reached American shores in 2020. Sales for March 2024 were 11 percent higher than sales in March 2023, showing a strong rebound in the U.S. car market.
The top auto markets in the coldest states currently have the highest days supply, while those in warm states are seeing inventory bought up by customers faster, lowering days supply there.
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Comment
Good. Try to keep inventories down. No more over production with vast seas of unsold vehicles like in times past.