Major automakers appear to be preemptively pulling the fleet lever to stymie any significant increase in retail inventory.
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After closing out 2022 with the longest-running, sharpest decline over a single year, wholesale used vehicle prices have risen in 2023.
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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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The month also ended at near 41 days’ vehicle supply, down from 48 days at the end of January and 13 days lower than February 2022 at 54 days' supply.
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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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Used vehicle prices are declining in this divergent market. Fleet sales making a comeback compared to last year.
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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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