Replacement Parts Continue to Be in Short Supply with Prices Increasing

The 115th State of the Fleet Industry video produced by Automotive Fleet offers insights into the state of the fleet market as presented by AF Editor Mike Antich.

🎙Today's topics include:

• Parts shortages first started to appear in the fourth quarter of 2020 and since have been a series of ongoing and sporadic inventory shortages for a variety of automotive components throughout calendar years 2021 and 2022.
• Demand for key commodities used to manufacture automotive parts has lengthened production times, thereby increasing delivery times. 
• These ongoing component shortages have triggered prices increases for individual parts — on average — up to 20% to 30% and in some cases, the price of certain parts have doubled.
• Higher commodity prices increase manufacturing costs thereby reducing manufacturers’ margins, which puts upward pressure to increase parts prices. These increased costs are passed on to end users.

Make sure you're signed up for the AF newsletter so you don't miss another State of the Fleet Industry video.

📰 Sign up for the Automotive Fleet newsletter.

🤝 Follow and connect with Automotive Fleet on social media!

• Connect with Automotive Fleet on LinkedIn.
• Like Automotive Fleet on Facebook.
• Follow Automotive Fleet on Twitter.

🎧 Prefer to listen? Check out the State of the Fleet Industry podcast!

• Subscribe to SOTFI on Apple Podcasts.
• Follow SOTFI on Spotify. 
• Subscribe to SOTFI on Google Podcasts.

⌚ Timestamps ⌚

0:00 Intro
2:18 Parts shortages
5:27 Demand for key commodities
7:36 Ongoing component shortages
8:02 Higher commodity prices increase manufacturing costs