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Analysis: The actions of the UAW will reverberate through the larger auto business, but nowhere near what was experienced in April 2020. Sales into fleet could suffer in 4Q if a strike is wide and persists. Rental car companies may return to the used car market like they did in 2021 and 2022, driving prices higher.
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Difficulty sourcing replacement units continues to be an ongoing pain point. Likewise fleet costs are up. Compared to CY-2020 vehicle acquisitions costs are approximately 19% higher while maintenance and fuel increased 25-40%.
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Rising new-car sales in Europe and Australia appear to indicate the automotive industry is recovering supply shortages caused by the COVID pandemic.
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All major market vehicle segments saw seasonally adjusted prices that were lower year over year in the first half of June.
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Days' supply increased due to a slight weakening in sales toward month-end. Despite a decline in the average listing price, it remained above $47,000.
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Mid-Month Update: The Manheim Used Vehicle Value Index was down 7% compared to the full month of May 2022.
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Post-pandemic pent-up demand is moving into the automotive market. Strong sales growth into fleets strengthened April numbers.
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For the second month in a row, average transaction prices undercut manufacturer's suggested retail prices, reversing a prior 20-month trend.
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Analysis: Consumers are repairing vehicles and holding them longer to avoid historically high used-car prices. The real question is: How long will used inventory remain tight and prices above normal?
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Dealer lots are no longer empty, with far more selection for vehicle shoppers who may have been waiting to buy a particular model.
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