The supply issues plaguing automotive are ameliorating month over month, but to varying degrees depending on fleet type.
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The drawn-out vehicle shortage is producing a domino effect of issues for many fleet segments, says Cox Automotive’s Jonathan Smoke, but a potential recession may have a silver lining — if we even have one at all.
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Part and labor prices have increased 4-8%, while part and labor availability have decreased. Due to difficulties sourcing replacement vehicles, fleets are keeping units in service longer. This caused repair spend to increase in 2021.
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The auto transport sector requires specialized trucks and training. In times of surges and droughts of production, driver retention becomes an even bigger issue.
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The decrease in U.S. auto sales is due to historically low new-vehicle inventory levels, which are over 50% lower than they were a year ago.
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