U.S. new-vehicle inventory increased 4.5% in September to 2.80 million units, ending three consecutive months of declines. Days’ supply rose to 82 days, up from 75 in August, but remained below the 87 days recorded a year earlier. The average new-vehicle listing price increased to $49,726, up 1.4% year over year.

Inventory levels continue to vary significantly by manufacturer. Toyota remains the tightest major brand at just 35 days’ supply, followed by Lexus at 41 days and Honda at 48 days. Meanwhile, Jeep (169 days), Ram (152 days), and Dodge (149 days) have considerably more inventory. Popular Toyota models remain especially constrained, with the RAV4 at 24 days’ supply and Camry at just 22 days. The transition to 2027MY vehicles is also progressing more slowly than last year, with new-model-year vehicles representing 22.4% of available inventory compared with 38.3% at the same point in 2025.

For fleets, improving overall inventory could create additional purchasing flexibility and potential pricing opportunities, particularly among domestic brands with higher supply. However, limited availability of popular Toyota models and lower-priced vehicles continues to make early ordering important. Fleets should monitor manufacturer-specific inventory levels, incentives, and model-year transitions when planning 2027 replacements.