Auto industry inventory levels sat between 1 million and 1.1 million vehicles for the sixth consecutive month in June, according to Cox Automotive.
U.S. light vehicle inventories have fluctuated between 1 million and 1.13 million for the last six months.
Automakers were unable to boost production in June despite a slower sales rate, according to estimates by Cox Automotive and the Automotive News Research & Data Center.
The 1.1 million vehicles represent a 37-day supply under its practice of using the selling rate from the most recent 30-day period, which the company noted was off 35% from 2021.
Record-high fuel prices also may be having a measurable impact on inventory. Hybrid models have the lowest inventory levels, while luxury vehicles and larger cars, as well as nonluxury SUVs and domestic full-size pickups, had the highest.
Stellantis reported the highest days' supply, while Asian automakers operate with the industry's most-constricted inventories. Jack Hollis, head of sales for Toyota Motor North America, reported that Toyota-brand dealers began July with just 1.5 days' supply of vehicles on their lots. He said the company also has two weeks' worth of additional vehicles awaiting delivery to dealers.