Page 26 - Fall 2024
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NADA Market Beat
New light-vehicle inventory on the ground and in transit increased in October 2024. Vehicle inventory totaled
2.94 million units at the end of the month, up 4.3% from September 2024 and up 36.2% from October 2023.
We expect that inventory will increase in November before declining in December, as is typical at the end
of the year. Looking ahead to 2025, we expect that vehicle inventory will hover around 3 million units during
most of the year. As inventory has grown, so, too, has OEM incentive spending. J.D. Power estimates that
average incentive spending per unit in October 2024 will total $3,149, an increase of 70.5% year over year.
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