Supply-chain kinks continued to stifle vehicle inventories and sales in the first half of the year, leading to an uptick in the seller’s market, which pushed prices of new cars to record highs.
According to Cox Automotive, sales of new vehicles in the US during the first six months of 2022 were expected to decline by about 17% compared to a year earlier. Most automakers are due to report sales for June and the first half of the year on Friday.