November Fleet Sales Results Mixed, Still Up YTD
Bobit releases the latest aggregate numbers for specific fleet sectors as total sales look to close out 2023 well ahead of last year.
Bobit releases the latest aggregate numbers for specific fleet sectors as total sales look to close out 2023 well ahead of last year.
Market Snapshot: Who are EV buyers, what EV models are they purchasing, and where’s all the selling action?
The recent Fleet Forward Conference presented updates to the fleet, used vehicle, and electric vehicle supply and demand.
Analysis: Slowing EV adoption, an expensive UAW labor contract, and higher consumer interest rates will diminish the profits and gains of recent years.
Culminating in over 45 days on the picket line, members at each of the Detroit Three have approved new contracts in favor of the UAW.
Supply chains have stabilized while market headwinds from high interest rates and high prices are muting sales.
October’s price decline is eerily similar to last October’s 2.2% drop, and this was not unexpected as the market remains balanced.
The latest collective figures from the Detroit Big 3 and the Asian Big 6 show a dip in October but sales are still up by a third for the first 10 months of 2023.
While the UAW strike has slowed output at auto factories nationwide, the fallout has not fully hit consumers in dealer showrooms.
Almost all major market segments saw seasonally adjusted prices that were again lower year over year in the first half of October.
Total 2023 EV sales will likely surpass the milestone one million mark next month as the electric vehicle market transforms due to more product and supply and downward pricing pressure.
The overall used-vehicle inventory volume is still considered limited and has been stuck in the 2.2 million to 2.3 million range for the past four months.
The fourth quarter should bring stable pricing among buyers and sellers, which should reflect only modest changes between now and the end of the year.
Since the labor actions started Sept. 15, the U.S. has ample inventory for now from the Detroit automakers that should keep steady supply through the end of the month. The all-important Ford F-150 had 97 days of supply at the start of October.
Car, truck, and SUV sales from nine automakers into large rental, commercial, and government fleets increased 26% in September compared to the previous year.
The secure and easy all-access connection to your content.
Bookmarked content can then be accessed anytime on all of your logged in devices!
Already a member? Log In