New vehicle inventory for GM’s premium Cadillac brand climbed to a whopping 113 days supply in August 2024, up sharply from the 84 days supply on dealer lots in July – though both figures are far above the 60 days supply considered optimal in the U.S. automotive market.
Inventory is piling up at dealerships across the nation, according to the report by Cox Automotive, with an average of 77 days supply, up from the same time last year, when the average was below 60 days.
The data matches up to a recent study of dealer expectations showing that auto sellers expect rising inventory and falling profits for the immediate future. Economic factors and political uncertainty ahead of the U.S. presidential elections are cutting into car sales even as significantly larger numbers of new vehicles are reaching showrooms and sales lots.
Cadillac average transaction price fell 3.9 percent year-over-year in August 2024 as increases in supply outpace sales and encourage higher incentives. A year ago in September 2023 Cadillac had only 46 days supply at dealerships, a much leaner new vehicle stock encouraging higher prices.
Cadillac dealerships have close to 44,000 new vehicles in stock or in transit at the time of this writing. Using Q3 2024 sales figures and current inventory levels, the Cadillac Escalade SUV has an approximate 100 days supply. Nevertheless, more than 9,000 Escalade units from the 2024 model year need to move out before the refreshed 2025 Cadillac Escalade arrives.
In addition, we’re estimating that dealers are holding a 100 days supply of the Cadillac CT5 sedan in all its variants and of the Cadillac Lyriq. All other Caddy models likely have at least 100 days supply at dealers, meaning current stocks of these vehicles would not run out until approximately New Years’ Day 2025 at current sales rates even no further units were shipped to dealerships. The two models with the highest estimated supply are the XT6 crossover and the CT4 sedan.
Per Cox figures, sales are up about 14 percent for the car sector as a whole compared to August 2023, yet inventory is still very high and in many cases increasing across the auto sector. Meanwhile, average listing prices are down about 1 percent both from July and from August 2023, while incentives continue to mushroom.
Comments
Excellent info!
Agreed. Love GMA and their reporting.
Wow, those numbers are ugly for sure
I guess those XT5 owners aren’t on a rush to trade in their XT5s for Lyriqs. They must have gone over to Lexus and Acura. Oh well. If only they had a new redesigned XT5 that could have solved this problem.
I agree 100%!!! Cadillac needs to revise their long-term strategy to offer EVs as an option when you arrive at a dealership, but NOT the only option. Manufacture and sell hybrids in the US! I would be in line for a redesigned hybrid XT5 if they were available. I’ll stick with my Lincoln PHEV for now, and consider Lexus in the future (as many must be doing based on the numbers in the chart above).
As bad as it is for gm, Stellantis and their wimpy CEO have killed their brands and stock price has gone from almost $30 to $13 since March!
local dealers are drowning as of a month and it keeps spiking. what is going on? is GM forcing sales on dealers all of a sudden or are they literally not selling anything.. sales figures should be bombing next report
Tesla has no dealers. They are direct sell from the factory. How come they are in this chart at 60 days?
Time to replace the entire unqualified Cadillac management team along with Mary Buick Envision Made in China-Barra.