Though gradually improving, inventory remains the story behind why sales remain low by historical standards. There are underlying crosscurrents related to the economy, rising interest rates and geopolitics, among others, that are helping stanch demand, but lack of inventory is the main reason growth is not significantly stronger (and even largely why prices are stuck at elevated levels - though that headwind is lessening as inventory rises).

U.S. light vehicle sales and inventory forecast by company and by source and vehicle type for March 2023. Includes SAAR (seasonally adjusted annual rates) and days' supply projections.