At the end of June, dealers had about 1.8 million vehicles in stock, nearly 800,000 more than at the same point in 2022, according to Cox data.
At the same time, however, higher interest rates and higher car prices have put new-car purchases out of reach of many consumers.
Cox estimated that total sales of new cars and trucks rose 11.6 percent in the first half of the year, to 7.65 million.
The firm now expects full-year sales to top 15 million, which would be a rise of 8 percent.
Toyota said its U.S. sales rose 7 percent, to 568,962 cars and light trucks.
Persons:
Smoke, Cox
Organizations:
Cox, Toyota, Chrysler