U.S. new-vehicle inventory rose +4.8% MoM to 2.87 million units in September 2025 and was up +5.9% YoY, reflecting a slower sales pace and the growing presence of model-year-2026 vehicles on dealer lots.

• Days’ supply increased to 84, up +7.2% MoM and +1.6% YoY, marking the highest level since Q1 and signaling softening demand across most major brands.

• Nearly half of all automakers had more than 100 days of supply entering October, with Toyota and Honda posting notable MoM increases of over +10% and +18%, respectively, as sales slowed late in the month.

• Ford and Lincoln inventories remain elevated, with Ford’s overall days’ supply up +12% MoM to 113 and Lincoln’s at 142, near its highest level this year; however, a supplier fire may pressure F-150 and SUV inventories in coming months.

• The average listing price climbed +1.6% MoM and +3.6% YoY to $49,394, supported by a higher mix of MY2026 vehicles, which now account for roughly 41% of dealer stock, up from 25% in early September.

• Cox Automotive expects vehicle sales to cool further in Q4 as high prices weigh on consumers, leading to additional inventory buildup and higher incentive levels after September’s record-high average transaction prices and peak incentives of 7.4% of ATP.