The supply issues plaguing automotive are ameliorating month over month, but to varying degrees depending on fleet type.
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Only three of eight major market segments saw seasonally adjusted prices that were higher year over year in September. The full-year Manheim Used Vehicle Value Index forecast is expected to finish the year down nearly 14% YOY, up from the second quarter’s revised forecast of a 6% decline.
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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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Sales into commercial fleets were up 37% and sales into government fleets were up 28% last month compared to August 2021.
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Sales into commercial fleets were up 19% year over year, and sales into government fleets were up 31%, but rental were down 7%.
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Broken down, government fleets were up 5.9% YOY, commercial fleets down by 0.1%, and rental fleet volume down 33% from last May.
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After including dealer and manufacturer fleet sales, the total fleet share of all sales was 14%, up 2% from April 2021's fleet share.
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Fleet share of total sales was 15% in March 2022, up nearly 2% from the March 2021 fleet share, but the number of vehicle sales remained down 11% year over year.
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Combined sales into large rental, commercial, and government buyers were down 30% year over year in February.
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