U.S. new-vehicle inventory is gradually recovering, with 2.76 million units available as of early September—up 4.8% month over month but still 3.9% lower than last year—reflecting a stabilizing yet not fully restored supply chain. Days’ supply rose to 77, though still down year over year, signaling that vehicles are moving off lots faster, supported by steady demand and disciplined production. Sales were strong in August, up 0.7% from July and 6.7% year over year, fueled by incentives and urgency around EV tax credits, while average listing prices continued to rise, reaching $48,697.

The first half of 2025 saw steep inventory drawdowns amid tariff concerns, but the latter half shows more balanced replenishment strategies, with automakers focusing on profitable and in-demand models. Brand-level discipline is evident, with Stellantis reducing Fiat and Alfa Romeo stock, niche brands like MINI and Jaguar facing uncertainty, and mainstream brands like Toyota, Honda, and Kia maintaining tighter alignment between production and demand. Looking ahead, the industry’s performance in the final quarter will hinge on how automakers manage production, pricing pressures, and consumer incentives in a market that remains resilient but strategically cautious.