Toyota Continues to Lead on Inventory Efficiency, General
Motors Has Three Makes in the Top 10
GRAND
RAPIDS, Mich., May 3, 2024
/PRNewswire/ -- Cloud Theory, the real-time automotive data
insights provider for automotive manufacturers, agencies, and
affiliates is reporting in May's On the Horizon report that
new vehicle inventory, although still growing month-over-month, has
begun to stabilize. While new vehicle supply grew by 1% on a
month-over-month basis, broader trends are indicating that the
automotive industry is shifting from recovery to a more stable
picture on the supply side.
Vehicle movement has largely maintained its March gains and is
expected to do the same in May. Higher incentive levels and
seasonal tax refunds have helped to boost demand, though stubbornly
high interest rates are still tempering results on the demand front
to some extent.
Underlying metrics are also pointing to a stable supply and
demand dynamic, with industry turn rate settling in the low 40s and
average pricing remaining in a narrow range right around
$50,000.
"After a long period of recovery, we are very near to what will
be the new normal of full supply." said Rick Wainschel, Vice President, Data Science
& Analytics at Cloud Theory. "Inventory will not return to the
3.4M level that was in place prior to
the pandemic, and that is a good thing in terms of where the
industry is landing on incentives and dealer dynamics."
The top 5 makes in Cloud Theory's proprietary Inventory
Efficiency Index remained in the same order compared to last month,
but there were still notable shifts that occurred in April. Subaru
rose from 9th to 6th in the rankings, with
turn rate increases for Forester and Ascent helping to improve its
efficiency score. General Motors had three brands in the top 10,
with Buick moving up three ranks and joining Cadillac and
Chevrolet. GMC, which has been in the top 10 rankings in prior
months, was 11th in April.
"Toyota and Honda deserve kudos for their ongoing strength on
this important metric," said Ron
Boe, Chief Revenue Officer at Cloud Theory, "but General
Motors also warrants credit for efficiently moving its inventory
across a wide and varied lineup."
To see more trends and forecasts on inventory, movement, segment
trends, and inventory efficiency, download a copy of the
May 2024 On the Horizon report
here.
Cloud Theory's "On the Horizon" report puts proprietary,
real-time data into a historical context, so automotive OEMs can
view and understand critical insights that help make decisions
involving allocating marketing and incentives dollars.
About Cloud Theory
Cloud Theory is more than a concept. It is the eye of the storm,
where cutting-edge data, software, and artificial intelligence meet
deep industry knowledge and experience. Built for automotive
manufacturers, agencies, and affiliates, Cloud Theory enables our
customers to understand – in real time – the complex competitive
world in which they do business and to make bold decisions that
drive them forward. The combination of billions of data points,
interactive tools, and expert consulting gives our clients the
ability to weather any storm and find their way to clear blue
skies. Learn more at cloudtheory.ai. To learn more about our
entire portfolio of automotive brands,
visit www.advancelocalautomotive.com.
For media inquiries, please contact:
Mike DeVilling
mdevilling@cloudtheory.ai
Jennifer Haun
jhaun@cloudtheory.ai
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SOURCE Cloud Theory