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GM Reports Record "Channel Stuffing": Dealer Auto Inventory Highest Since June 2007

As we await all US car-makers to report June auto sales, we remind readers that when we discussed last month's disappointing monthly car sales report, which badly missed expectations showing the fifth consecutive month of declining auto sales - the first time this has happened since July 2009 - with domestic light vehicle auto sales printing at an annualized 12.59, the lowest sales number going back more than three years - we noted what may be the biggest concern for the auto industry: inventory days continued to trend higher as OEMs push product onto dealer lots even though sale through to end customers has seemingly stalled.

Of note, we highlighted GM, one of the few OEMs to actually disclose dealer inventories in monthly sales releases, which reported that May inventories increased to 101 days (963,448 vehicles) from 100 days at the end of April and just 71 days (681,402 vehicles) in April 2016. Indicatively, analysts say an overall inventory level of 60...


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