U.S. light-vehicle inventory is creeping back up to year-ago levels, and, unless production is slowed or sales continue September’s return to a 17 million-plus seasonally adjusted annual rate, stock levels could nearly match 2017 totals by the end of October. Matching 2017 levels in Q4 in a declining market is not totally bad, and is in part due to some unplanned draining of inventory that occurred a year ago when dealers were meeting replacement demand for vehicles lost during two ...

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