he number of new vehicles on dealer lots and in transit dipped further in July to just 1.09 million vehicles, down by 70% from the average level in 2019, according to data from Cox Automotive. But the mix of those inventories has changed in reaction to the spiking gasoline prices this year:
Hot demand for fuel efficient vehicles has depleted inventories of minivans, sub-compact cars, compact cars, and midsize cars.
At general merchandise stores, the inventory-sales ratio jumped to 1.61 months’ supply, the highest since 2007, having solidly surpassed pre-pandemic levels earlier this year. This segment includes stores like Walmart and Target, and department stores.Inventory Shortages & Gluts, by Retailer Segment: Where they Are and Why | Wolf Street