February sales figures show a major gain in new rental cars that makes up for flat or lower sales in the commercial and government fleet sectors.
Rental fleets rode to the rescue for monthly fleet sales, racking up a 45.7% YOY gain in February, leading to a 21.4% YOY overall gain.
Graphic: Bobit
Rental car fleets spurred the overall fleet sales advance in February and maintained the upward trend so far this year, according to Bobit/Automotive Fleet sales data released March 4.
Overall, fleet sales are continuing to bounce back from the disruptions of recent years.
Bobit fleet sales numbers reflect aggregate sales from the three major Detroit-based auto manufacturers and the Asian Big 6. Numbers for February 2024 broken down by sector show:
Commercial Fleets: 67,565 vehicles sold in Feb. 2024 versus 70,444 in Feb. 2023, for a year over year (YOY) decline of 4.1%.
Rental Fleets: 133,961 vehicles sold last month, versus 91,974 vehicles sold in Feb. 2023, up 45.7% YOY.
Government Fleets: 21,737 vehicles sold last month, compared to 21,536 vehicles sold in February 2023, up 1% YOY. However, Hyundai, Nissan, Subaru, and Toyota so far have not reported sales into government fleets for February, so the gain is likely higher.
Overall, monthly sales totaled 223,263 in February 2024, compared to 183,954 the same month last year, for an overall YOY gain of 21.4%.
For fleet sales year-to-date (YTD), the three primary fleet sectors have acquired a total of 382,422 new vehicles, compared to 338,333 vehicles during the first two months of 2023, for a gain of 13%.
That figure is likely higher given that in January Subaru did not report sales into rental fleets, while it and three other brands — Hyundai, Nissan, and Toyota -- did not report the number of sales into government fleets.
Originally posted on Automotive Fleet
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