In what is traditionally inventory-building season, U.S. dealers closed March with more light vehicles on their lots than at any time in three years, but robust sales trimmed days’ supply to a 3-month low.
March light-vehicle stocks totaled 2,574,854 units, up 69,116, or 2.5%, from the prior month. That’s the highest level since March 2009, when 2,811,360 LVs were in dealer stock.
But last month’s robust selling rate trimmed the critical days’ supply measure to a subpar 55, the lowest since December’s more normal 67 but slightly ahead of prior-year’s 54.
Among major manufacturers, only General Motors, at 86 days’ supply vs. 80 the prior month, posted a number well outside the normal range, leading a planned reduction in second-quarter production.
Although Fiat (71) and Lincoln (95) recorded higher-than-average March days’ supplies, both were well below prior-month levels. Chrysler and Ford closed March at the low end of normal at 60 days’ each.
Despite adding some 18,800 units to their stockpile, Asian-brand dealers found themselves still facing inventory shortages, with days’ supply falling 8.5% to 43 at the end of March, from February’s 47 and prior-year’s 46.
A 23,000-unit increase in the number of European-brand cars on lots boosted the days’ supply figure for those brands 4.3%, although it remained below normal at 48 vs. 46 at the end of February.
Four brands, three of them at GM, had more than 100 days’ supply in March. At the end of February, only three topped that mark, none of them GM brands.
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