Large rental, commercial, and government purchases of new vehicles increased 6% compared to this time in 2020, but decreased by 40% from the same time in 2019.
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The Bolt EV saw a 335% sales increase in July to its highest volume ever in a second quarter at 10,857 units.
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The manufacturer of Chrysler, Dodge, RAM, Jeep and Fiat recorded a sales increase of 32% in the quarter but it's not back to pre-pandemic levels yet.
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The current low-supply, high-demand situation means finding and buying a new vehicle may be a challenge.
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High consumer demand and low inventories have allowed Ford to push average transaction prices to new highs.
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For the first time in a decade, vehicle buyers were essentially paying sticker price (MSRP) for new vehicles.
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Key reasons: Prices paid moved higher, incentives declined, and estimated median incomes fell.
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Market watchers had been expecting this slowdown to come earlier in the summer, but deals could still be made. Now there just isn’t enough product available.
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Cox Automotive Analysis: Fleet sales are still stuck in first gear, estimated to have increased by only 5% year over year but remain down by more than 40% from 2019.
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Guaranteed cash-back money that any buyer qualifies for and is often the fodder of headline advertising has all but dried up.
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