August’s U.S. sales surge, which led to a 10-year high 17.7 million-unit seasonally adjusted annual rate, reduced light-vehicle inventory from the previous month’s level when initially it was expected to remain flat. Inventory declined 1.4% from July to 3.302 million units and days’ supply dropped to 55 from 58. Inventory declined from July to August in each of the past two years because the Labor Day weekend was included in August’s results, thereby lifting sales ...

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