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Penske Automotive Group Inc. had 2,500 new motor vehicles, or a nine days’ supply, in the U.S. at the close of March, a single day greater than at the finish of December. That compared with 14,900 new automobiles, a 37-day source, in the U.S. a calendar year previously.

Some makes had been leaner than other folks, Penske leaders stated. For occasion, the retailer’s U.S. Honda inventory dwindled to 216 new autos at the stop of March from 3,700 a calendar year previously. It experienced just 188 new Toyotas in the U.S. on March 31, in comparison with 2,500 a yr previously.

CEO Roger Penske claimed previous week that he expects “a slight enhance” in new-vehicle allocations from some automakers in the 2nd quarter, which includes a roughly 10 p.c enhance from Mercedes-Benz.

Penske CFO Shelley Hulgrave past week informed analysts, “We continue to promote into our potential new-auto pipeline to support our prospects, optimize inventory transform and lessen our stock prices. We assume the recent supply challenges, coupled with sturdy demand, to continue to keep our new-auto supply at minimal but workable concentrations for at minimum the subsequent 9 to 12 months.”

Penske’s utilised-car source in the U.S. was 34 days on March 31, down from 43 days on Dec. 31.

Team 1 Automotive Inc. CEO Earl Hesterberg instructed analysts final 7 days that purchaser desire “remains extremely strong exiting the to start with quarter, and we carry on to offer most units practically straight away after OEM supply. This dynamic ought to proceed in the course of the calendar year.”

Group 1’s supply of new vehicles in the U.S. on March 31 was unchanged from Dec. 31, at nine times, but it was a sharp drop from 34 times as of March 31, 2021.

The retailer experienced 3,100 new cars in stock in the U.S. at the end of March, reported Daryl Kenningham, president of U.S. operations.

The retailer’s U.S. made use of-car or truck offer stood at 28 times as of March 31, down from 36 times on Dec. 31.

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By Bethann