Just last month, GM Authority reported that Chevy inventory levels were fairly stable in April 2024, and posted minimal changes from March 2024. With that in mind, inventory of the Bow Tie brand in May 2024 remained on par with the two preceding months.
According to a report from Cox Automotive, Chevy inventory levels stood at a 69 days supply as of May 2024, while the industry average was at 74. This means that at the current sales pace, there is enough inventory on dealership lots to last for 69 days. Notably, a 60 days supply mark is generally considered optimal in the industry. In comparison to the rest of General Motors’ U.S.-market brands, Chevy was ranked on bottom as Buick, GMC, and Cadillac stood at 71, 82, and 83 days of supply, respectively.
It’s worth noting that all these figures are related to the U.S. market.
Interestingly, the average price for a new vehicle in May 2024 was $48,389, which was a statistically insignificant change from the month prior. Likely due to the Memorial Day kick-off to the summer selling season, incentives and discounts rose to 6.7 percent of ATP, a small jump from April 2024 numbers and the highest level since May 2021.
Additionally, with new vehicles starting to fill up dealership lots, these incentives and discounts are expected to remain, especially following the Fed’s decision to keep interest rates at current levels. At the time of this writing, there were 2.89 million unsold new vehicles in the U.S. as of early June 2024, an increase in volume of more than 1 million units since last year.
For reference, this study was based on the daily sales rate for the most recent 30-day period, which, in this case, ended on June 3rd, 2024. Over this timeframe, May 2024 sales rose five percent on a year-over-year basis for a total sales pace of 15.9 million units.
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Comment
I find it ironic that the thumbnail, or opening pic of an article entitled “Chevy…Inventory Stable,” is of a Colorado. I’ve driven through my local dealerships multiple times over the course of 4-6 months, and have counted 3 total Colorados during that time. Three!! Are we not proud of our midsized trucks? As a customer who’s trying to prepare for his next midsized, this does not instill alot of confidence.