China auto dealer inventory coefficient hits 1.58 in August, up 20.6% YoY

The inventory coefficient climbing faster year on year than month on month points to a structural build-up of unsold stock rather than a seasonal blip, which matters most for dealer cash flow and the discounting pressure that follows. The association's own framing — fragile demand, still bottoming out — suggests the absorption problem is demand-side, not a supply surge. The open question is whether the slight end-August inventory increase over July marks a turning point or simply confirms that retail is running behind wholesale.