Some manufacturers may be shifting more of their sales to fleet as they see retail sales soften due to consumer economic concerns.
The supply issues plaguing automotive are ameliorating month over month, but to varying degrees depending on fleet type.
Only three of eight major market segments saw seasonally adjusted prices that were higher year over year in September. The full-year Manheim Used Vehicle Value Index forecast is expected to finish the year down nearly 14% YOY, up from the second quarter’s revised forecast of a 6% decline.
If retail consumers avoid buying new vehicles because of high inflation and interest rates, then OEMs may route more of them into fleet and lease channels.
Combined sales into large rental, commercial, and government fleets were up 14.6% year over year in August.
Sales into commercial fleets were up 37% and sales into government fleets were up 28% last month compared to August 2021.
Sales into commercial fleets were up 19% year over year, and sales into government fleets were up 31%, but rental were down 7%.
A new report says that new vehicle quality is at a record low thanks to supply constraints, and with lost production and low sales forecasts, what does that mean for the industry? Find out in this week's video!
Broken down, government fleets were up 5.9% YOY, commercial fleets down by 0.1%, and rental fleet volume down 33% from last May.
After including dealer and manufacturer fleet sales, the total fleet share of all sales was 14%, up 2% from April 2021's fleet share.
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