Used Fleet Vehicles Fall 0.6% in October
The values of vehicles sold at ADESA auctions from fleet consignors fell 0.6% to $13,309 in October but remain 2.4% higher from a year ago, according to Tom Kontos, KAR Global's chief economist.
Used fleet vehicle values were slightly lower in October but performed better than other segments.
Photo courtesy of ADESA.
The values of vehicles sold at ADESA auctions from fleet consignors (commercial fleet / corporate portfolios) fell 0.6% to $13,309 in October but remain 2.4% higher from a year ago, according to Tom Kontos, KAR Global's chief economist.
Kontos has also revised September's average price, which came in at $13,386 and was more than 1.6% lower than August.
The overall wholesale market was flat in October, as prices averaged $11,141, which was 0.1% lower than September but 0.7% above October 2018.
"Car prices fell on a monthly and annual basis, while truck-segment prices faired more favorably," Kontos wrote. "Off-lease units showed signs of price softness. On the other hand, October CPO sales were strong, which is supportive of off-lease demand."
Midsize cars and midsize SUVs, which are used as an indicator of the fleet market because of their popularity, fell 0.7% (to $11,698) and 0.2% (to $19,723) respectively.
Other consignors saw similar to worse results. Vehicles from automotive manufacturers were 0.5% lower and up 2.5% from a year ago. Dealer consigned vehicles were down 3.5% and down 2.8% from a year ago.
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