At a quick glance, it would appear the industry has a fairly firm grip on the supply side of the equation heading into August, with some 4% fewer light vehicles in circulation than a year-ago and days’ supply down to a seemingly manageable level. But auto makers, suddenly overwhelmingly upside-down when it comes to car and truck inventories, find themselves in the very early stages of a major correction likely to take several months to complete. Overall, U.S. LV inventories ended July at ...

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