
Despite lower production, there are more vehicles ready to be sold due to sales losing momentum since June.
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Second quarter numbers show emerging competition for buyer choices as more models enter the market.
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Tight new-vehicle supply puts upward pressure on new-vehicle transaction prices. Affordability hits 10-year low in July.
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Large rental, commercial, and government purchases of new vehicles increased 6% compared to this time in 2020, but decreased by 40% from the same time in 2019.
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The Bolt EV saw a 335% sales increase in July to its highest volume ever in a second quarter at 10,857 units.
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For the first time in a decade, vehicle buyers were essentially paying sticker price (MSRP) for new vehicles.
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Key reasons: Prices paid moved higher, incentives declined, and estimated median incomes fell.
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Market watchers had been expecting this slowdown to come earlier in the summer, but deals could still be made. Now there just isn’t enough product available.
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A Kelly Blue Book report shows growing interest in electric and green vehicles, especially SUVs.
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Figures remain down 16% from year-ago level.
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