88.1 F
Dallas
Monday, July 4, 2022

These new and used cars were July’s fastest-selling in Dallas-Fort Worth

Take a casual drive around Dallas-Fort Worth and the impact of the global chip shortage is readily apparent.

The sprawling lots of many auto dealerships are sparsely populated with a limited supply of new and used vehicles. And when those dealerships get new shipments, the vehicles aren’t sitting parked for long.

Auto search engine iSeeCars tracks the fastest-selling new and used car models in D-FW and nationally every month. Good luck if you’re shopping for a new Toyota Sienna, RAV4 or Corolla. Those models account for four of the five fastest-selling vehicles in North Texas.

Nationally, the average transaction price for a new car hit a record high in July at $42,736, according to analysts at Kelley Blue Book. Prices were up $3,223 (8.2%) from a year ago and more than $400 from the previous month. New vehicle prices have set records for four straight months.

“However, elevated prices may be cooling consumer demand,” KBB analysts said. “After robust sales in March, April and May, new-vehicle sales began to slow in June and July.”

With new cars in short supply, used cars are equally hard to find. In D-FW, compact used cars took the fewest average days to sell in July.

Don’t expect the inventory shortage to reverse course anytime soon.

Toyota Motor Corp. this week said it will suspend output at 14 plants across Japan through next month because of the chip shortage and resurgence of COVID-19. Those cuts will be harshest in September, with Toyota slashing production by 40%.

The company’s Plano-based North American operation said it will reduce production by tens of thousands of vehicles through September.

It’s the latest sign that even the best supply-chain planning is no match for a pandemic that virtually ground the auto industry to a halt a year ago. Toyota and BMW — two manufacturers least scathed by the chip shortage — have now warned of significant blows to their operations.

Toyota said 27 production lines in Japan will be impacted, affecting models including the RAV4, Corolla, Prius, Camry and Lexus RX.

“Consumer demand is going to far exceed supply for the auto industry over the next 60 to 90 days,” Bob Carter, executive vice president of sales for Toyota North America, said in a Bloomberg Television interview.

Bloomberg reporting is included in this story.

Source

Related Articles

Latest Articles