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.
U.S. fleet sales for August were strong and reached levels for the month not seen since 2019.
All major market vehicle segments saw price declines year over year and all were down compared to the previous months, except for one.
All large manufacturers showed gains in fleet over last year, with combined sales into large rental, commercial, and government fleets improving.
Fleet sales have helped underpin the market improvement so far this year. Forecasts suggest fleet sales could increase by more than 40% year over year,
Conditions have shifted to favoring buyers, but with tight supply, the market is not far from being balanced between buyers and sellers.
Estimates shows strong sales gains from rental, government, and commercial sectors as the supply chain squeeze of 2021-22 continues to ease.
Major automakers appear to be preemptively pulling the fleet lever to stymie any significant increase in retail inventory.
After closing out 2022 with the longest-running, sharpest decline over a single year, wholesale used vehicle prices have risen in 2023.
The movement of new vehicles into fleet increases at a consecutive monthly pace with supply freeing up after several years of constraints, according to Bobit fleet data.
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