Unsold Vehicles Hit Financial Crisis Levels, Dealers Must Cut Prices, Auto Sales Drop
Video Channel: BULL BOOM - BEAR BUST
The U.S. auto industry had over a 70-day supply of unsold cars and trucks sitting in dealer lots combined as of May 1, according to the Automotive News Data Center. According to J.D. Power, new vehicles sold in May spent 74 days on dealer lots, the highest level for the month of May since 2009, during the last recession. The inventory figures add up to about 1 million unsold cars and 3 million unsold pickups, SUVs, crossovers and minivans combined, Automotive News said.
Considering the average U.S. consumer is getting buried deeper into debt, car dealers will likely soon have to start slashing prices more aggressively if they want to move vehicles out of the dealer lots and into consumers driveways. Finance companies are now even offering 10-year automobile loans to help people keep the payments more affordable.
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