While the COVID-19 pandemic slowed remarketing efforts for some fleets and ramped them up for others over the past year, 2021 fleet remarketing is looking better for most everyone.
Find out how the microchip shortage is affecting vehicle sales, how OEMs are prioritizing production, and why there's a demand for used vehicles.
Topics mentioned in today's video includes the reopening of all OEM assembly plants; fleet sales in May 2020; a decline in fleet operating costs; the declining supply of used vehicles in the wholesale market; and industry conferences moving to a virtual format
The industry quickly turned to online services when the pandemic hit, utilizing digital-only sales, which ultimately kept the industry from halting completely.
Cox Automotive’s chief economist, Jonathan Smoke, said he didn’t expect the Fed’s latest move to match the impact of the July cut for auto manufacturers or dealers.
The used industry's seasonally adjusted annual rate (SAAR) was 39.8 million during June, down from the 41.1 million SAAR from the same time last year, according to Cox Automotive estimates.
If you are like most fleet managers, you establish a depreciation schedule when you put your vehicles in service and probably never think about it again until it’s time to pull it out of service and send it to auction. Maybe it’s time you took a more active view toward managing depreciation.
Online sales of used vehicles in the wholesale market likely exceeded 2 million in 2018, as remarketing technology made it easier for dealers to evaluate, bid, and buy vehicles beyond physical auction locations.
Used-vehicle sales will rise and new-vehicle sales will fall in 2018, while total sales will reach 56.2 million, which would represent a second year of declines for the automotive industry, according to a Cox Automotive forecast.
