There are plenty of cars on lots, unlike a year ago. It's buyers who are in short supply.
Demand for autos has been strong throughout the pandemic. But in recent months, demand has been softening, thanks in part to rising interest rates and elevated prices.
Prices are still high, but demand is slackening and inventory is catching up, AutoNation reports.
The average selling price of new vehicles reached a record high in late 2020. Last year also saw vehicle loan debt increase to record levels.