With the help of Jim Tennant of The Tennant Group and Michael Meyer of Rate-Highway Inc., we are conducting rate surveys on a weekly basis and providing analysis and comments where appropriate. We publish this monthly recap in our electronic edition and more comprehensive looks in the print editions.
The August 2015 nationwide average rate quote for an ICAR (intermediate car) was down $5.29 from a year ago — with the Northeast, Midwest and Northwest each down over $10, the Southwest essentially flat and the Southeast up a moderate $1.93.
The average was up slightly in May for the first time since July 2014, but it has been down every other month since then. Excluding July, which we know was influenced by recalls, the quotes have been down an average of $2.93 in the last year.
Looking at the past year compared to the previous year, although the Northwest had the second highest August decline, it was the only region whose average quotes were higher in the past 12 months compared to the previous 12 months: $52.19 versus $51.07.
All other regions, as well as the nationwide average, had quotes that were down for the past 12 months.