Supply Sees a (Non-Seasonal) Decline for the First Time in
Two Years
GRAND
RAPIDS, Mich., Aug. 5, 2024
/PRNewswire/ -- Cloud Theory, the real-time automotive data
insights provider for automotive manufacturers, agencies, and
affiliates is reporting in August's On The Horizon that new
vehicle inventory ticked down slightly to 2.92 million, a decline
of 0.02 million from the prior month. This is the first
pullback—other than seasonal drops from December to January—to have
occurred in two years.
Diagnostic numbers also point to a range-bound demand picture,
with turn rates perpetuating a trend that has generally been in the
mid-to-high 30s for the past seven months. Average marketed pricing
has stayed steady for three months running, but market
adjustments—which measure the discounts and incentives visible to
consumers—continue to increase.
"Our numbers have been pointing to a slowdown in supply growth,
and it was inevitable that the industry would eventually reach a
ceiling," said Rick Wainschel, Vice
President of Data Science & Analytics at Cloud Theory. "We had
been slowly marching toward a three million count, and it looks
like we are going to land very close to that number."
Toyota Motor Corporation continues to dominate this month's
Inventory Efficiency Index, with Toyota and Lexus in the top two
slots (and leading every segment in which they compete). Honda
Motor Company, with Honda at #3 and Acura at #6, also continues to
fare well. And General Motors, with three brands in the top 10 (and
Cadillac at #12), remains strong on this metric. It is noteworthy
that those three manufacturers have significantly reduced their
inventory counts when compared to pre-pandemic levels.
"It is not a coincidence that the makes with leaner supplies are
the ones moving their vehicles efficiently," said Ron Boe, Chief Revenue Officer at Cloud Theory.
"Toyota, Honda, and General Motors have demonstrated that it is
possible—and maybe even probable—to do more with less."
To see more trends and forecasts on inventory, movement, segment
trends, and inventory efficiency, download a copy of the
August 2024 On the
Horizon report here.
Cloud Theory's On the Horizon report puts proprietary,
real-time data into a historical context, so automotive OEMs can
view and understand critical insights that help make decisions
involving allocating marketing and incentives dollars.
About Cloud Theory
Cloud Theory is more than a concept. It is the eye of the storm,
where cutting-edge data, software, and artificial intelligence meet
deep industry knowledge and experience. Built for automotive
manufacturers, agencies, and affiliates, Cloud Theory enables our
customers to understand – in real time – the complex competitive
world in which they do business and to make bold decisions that
drive them forward. The combination of billions of data points,
interactive tools, and expert consulting gives our clients the
ability to weather any storm and find their way to clear blue
skies. Learn more at cloudtheory.ai. To learn more about our
entire portfolio of automotive brands,
visit www.advancelocalautomotive.com.
For media inquiries, please contact:
Mike DeVilling
mdevilling@cloudtheory.ai
Jennifer Haun
jhaun@cloudtheory.ai
View original content to download
multimedia:https://www.prnewswire.com/news-releases/new-vehicle-inventory-growth-hits-a-hiatus-302214498.html
SOURCE Cloud Theory