A recent auction industry quarterly report shows a mix of up and down indicators that add up to more market balance.
Hurricane damage, high interest rates, softening used values, and a slowing economy will all have some effect on the coming used vehicle market. The greater issue is even lower sales — as the historic decline in the lease return rate from 2022 meets up with a big drop in lease maturities and lower dealer consignments.
Following a lower-than-expected February, Cox Automotive is forecasting March U.S. auto sales volume to hit 1.547 million, an increase from last month, but a nearly 7% decline from March 2018.
Fleet mainstays such as pickups and vans are expected to perform well at wholesale this year. Higher-end vehicles, such as those found in executive fleets are expected to struggle.
The average price of a used vehicle from the 2009 to 2013 model years fell 1.2 percent in May with several truck and van segments registering positive gains from April, according to Black Book.
Overall, depreciation is lower than pre-recession levels for the fleet vehicle market, with average months-in-service and mileage decreasing year-over-year.
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