With the government shutdown playing a role, October U.S. light-vehicle inventory jumped to long-times highs for the month in both volume and days’ supply. There are extenuating circumstances that explain the highs, but the levels harken back to early in last decade when steep price discounting was used to prop volumes, keeping annual U.S. LV sales well above trend. Excluding 2008 when the industry was heading into recession, LV inventory totaled 3.397 million at the end of October, ...

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