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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Major automakers appear to be preemptively pulling the fleet lever to stymie any significant increase in retail inventory.
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The movement of new vehicles into fleet increases at a consecutive monthly pace with supply freeing up after several years of constraints, according to Bobit fleet data.
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Combined sales into large rental, commercial, and government fleets have seen eight consecutive months of double-digit, year-over-year increases.
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Sales into rental fleets were up 96% year over year, sales into commercial fleets were up 31%, and sales into government fleets were up 65%.
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After fleet sales ran far below historical averages for the last three years, increases in 2023 won't be close to levels before 2020.
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GM has overtaken Ford as the leader in the commercial channel, Ford remains on top in government fleet sales, while Stellantis’ share dropped.
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Some manufacturers may be shifting more of their sales to fleet as they see retail sales soften due to consumer economic concerns.
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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.
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Combined sales into large rental, commercial, and government fleets were up 14.6% year over year in August.
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