Car inventories are up 195% in 2024

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New car inventories have made a remarkable recovery from their pandemic lows. They’ve soared to 2.40 million from a mere 0.9 million. This substantial increase in inventory, along with the urgency to address rising floor plan expenses, is compelling dealers to adopt lower pricing and more assertive sales tactics. Additionally, 2024 could shape up to be a buyer’s market for new cars, with inventory levels close to what they were before pandemic shortages began.