The recent Fleet Forward Conference presented updates to the fleet, used vehicle, and electric vehicle supply and demand.
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The latest numbers add up to a gutpunch for the resale values of used electric vehicles as the early adopter market for EVs taps out and mainstream vehicle buyers remain cautious.
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Wholesale used-vehicle prices decreased 2.3% in October from September and were down 4% from a year ago.
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Almost all major market segments saw seasonally adjusted prices that were again lower year over year in the first half of October.
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The overall used-vehicle inventory volume is still considered limited and has been stuck in the 2.2 million to 2.3 million range for the past four months.
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The fourth quarter should bring stable pricing among buyers and sellers, which should reflect only modest changes between now and the end of the 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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The conversion rate indicates that the first 15 days of August saw buyers with more bargaining power for this time of year.
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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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Wholesale supply has increased with weaker purchase activity in early July, yet it is otherwise normal for this time of year.
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