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Vincensus 2024 November

New inventory grew by 9% causing day supply to increase by 3 days to 79 days as supply constraints were alleviated for some brands. Sales growth slowed slightly, increasing by just 1% MoM as prices continue to rise heading into the end of the year. However, hybrids saw list price fall by 5% YoY, contributing to their continued popularity as they close in on making up a quarter of all new car sales. EV prices remain steady with growing sales but still make up a very small proportion of total sales. Disciplined inventory management has decreased day supply and aging to be more inline with the gas segment.

The used market remains very stable with a tight day supply and unchanged prices MoM and YoY overall. Inventory levels have risen slightly but demand remains very high, contributing to continued supply constraints. While hybrids have gained significant market share on the new side, they still make up less than 10% of used sales. Used EV sales grew by 17% YoY but faced higher markdown activity compared to traditional fuel types.

With rising inventories and steady demand, dealers face mounting pressure to manage aging inventory effectively as they try to move aged inventory off the lot before the end of the year. Looking ahead, EVs and hybrids are poised for further growth as consumer interest in sustainable options continues to rise. However, affordability challenges and inventory management will remain critical factors influencing both new and used vehicle markets.

New Vehicles:

  • New vehicle sales increased negligibly MoM as inventory increased by 9% causing day supply to continue its increasing trend. It increased by 3 days to 79 days, an increase of 19 days YoY.
  • Aging saw no movement MoM but increased 10% YoY.
  • Last listed price rose by 2% MoM as markdowns remained steady.

Used Vehicles:

  • Used vehicle sales grew by 3% MoM as prices continue to hold steady MoM and YoY.
  • Day supply decreased slightly by 1 day MoM but decreased by 5 days YoY to 41 days.
  • Aged inventory saw no change MoM but fell by 3% YoY to 47%.

Recommended action steps for upcoming months:

  • Dealers will need to manage economic pressures, rising inventories, and shifting market dynamics while adapting to a more digital, consumer-centric business environment.

Proactive inventory management, competitive pricing strategies, and a focus on customer engagement will be critical to navigating these challenges effectively

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