TrueCar says new vehicle inventories are starting to recover

The company said, "As 2022 came to a close, some of the macro headwinds that had impacted our business started toease. While there is much more improvement needed before past imbalances are reversed, we believe that our hard work and focus on enhancing our product set during the past year puts us in a strong position to serve our dealers as inventory recovers across our industry. New vehicle inventories are starting to recover. After only modest progress during the first half of 2022, new vehicle inventories started to rebuild in earnest from August through November, with gains of more than 100K units added in each month, according to Motor Intelligence. By December, inventories had risen to approximately 1.58 million units, up 54% from approximately one million units in December 2021 and 38% from 1.15 million units seen in June 2022. Inventories continued to build in January 2023, rising to 1.62 million units."