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.
Combined sales into large rental, commercial, and government fleets have seen eight consecutive months of double-digit, year-over-year increases.
Used vehicle prices are declining in this divergent market. Fleet sales making a comeback compared to last year.
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%.
After fleet sales ran far below historical averages for the last three years, increases in 2023 won't be close to levels before 2020.
GM has overtaken Ford as the leader in the commercial channel, Ford remains on top in government fleet sales, while Stellantis’ share dropped.
Some manufacturers may be shifting more of their sales to fleet as they see retail sales soften due to consumer economic concerns.
The supply issues plaguing automotive are ameliorating month over month, but to varying degrees depending on fleet type.
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.
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.
media brand
The secure and easy all-access connection to your content.
Bookmarked content can then be accessed anytime on all of your logged in devices!
Already a member? Log In
