Though improved, inventory issues remain, along with other market pressures.
The average interest rate paid on a new vehicle purchase hit 5.7% in September, up from about 4% in 2021.
J.D. Power and LMC Automotive report predicts average new vehicle transaction prices will hit a record $46,259 in August.
Automakers blame tightened inventories for double-digit sales declines, but warn higher interest rates, gas prices and rising inflation will push buyers out of the market.
General Motors has asked its dealers to help prevent customers from quickly flipping high-demand vehicles and adding high markups.
Auto industry inventory levels sat between 1 million and 1.1 million vehicles for the sixth consecutive month in June, according to Cox Automotive.
Analysts forecast production of about 14.7 million cars and trucks this year in North America, an increase of 12.5% vs. 2021.
The number of vehicles canceled from automaker production schedules worldwide due to the shortage now exceeds 2 million, according to AutoForecast Solutions.
Consumers seeking lower prices on dealership lots must wait until 2023, reported auto-industry leaders at the New York International Auto Show.
The U.S. auto industry has no shortage of buyers currently, but it lacks the inventory to satisfy them.
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