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May 2021’s SAAR was up 40.3% from May 2020’s, when light-vehicle sales had just begun to turn around from April 2020’s pandemic lows. “In a normal year,” Manzi writes, “a 17 million-unit SAAR would be considered quite solid. But given current market conditions, May’s drop in sales highlights the effects of a supply and demand imbalance.” May 2021 began with total inventory of 1 ... ................
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