
October’s price decline is eerily similar to last October’s 2.2% drop, and this was not unexpected as the market remains balanced.
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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.
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Car, truck, and SUV sales from nine automakers into large rental, commercial, and government fleets increased 26% in September compared to the previous year.
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With sales slightly stronger than expected, tight supply, and prices at about 6% below last year, these factors are expected to prevent any substantial decline in wholesale prices through year-end.
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U.S. fleet sales for August were strong and reached levels for the month not seen since 2019.
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All major market vehicle segments saw price declines year over year and all were down compared to the previous months, except for one.
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All large manufacturers showed gains in fleet over last year, with combined sales into large rental, commercial, and government fleets improving.
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Fleet sales have helped underpin the market improvement so far this year. Forecasts suggest fleet sales could increase by more than 40% year over year,
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Conditions have shifted to favoring buyers, but with tight supply, the market is not far from being balanced between buyers and sellers.
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Estimates shows strong sales gains from rental, government, and commercial sectors as the supply chain squeeze of 2021-22 continues to ease.
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