U.S. car sales inched higher and inventories grew in October, but auto makers continued to struggle to replenish dealer lots and supply is likely to remain tight through next year. That will test brand loyalties and keep average vehicle prices higher.
U.S. car sales inched higher and inventories grew in October, a sign that some of the worst of the shortages hampering auto production might be fading, but auto makers continued to struggle to replenish dealer lots and supply is likely to remain tight through next year.
“Every auto maker has been struggling,” said Garrett Nelson, an analyst with CFRA. “There’s some incremental improvement happening over the last month or so … but we are talking very marginal improvement.” There are also fewer promotions for new-car shopping: Auto makers continued to unwind incentives due to low inventories, analysts at Deutsche Bank said in a note Wednesday.
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