The October rate quote average showed a substantial increase over last year. The deseasonalized average at $54.41 and the $8.37 year-over-year increase are the highest that we have seen since the one-month recall shortage spike in July 2014.
Rate data provided by Rate-Highway, a provider of revenue management services for the auto rental industry. Rates are a monthly average of weekly surveys of aggregator/OTA rates for vendors present in the markets listed on the date of the survey. These tables and graph show the average of all daily base rate quotes for an ICAR at the 50 largest U S airports weighted by deplanements, for arrivals 15 to 21 days ahead of the date of the survey, for two- and seven-day rentals.
The red line shows the nationwide average quote with the normal seasonal component taken out, so month-to-month comparisons are valid. After about 18 months of showing little trend, we saw a sharp downtrend in December and January, followed by a consistent uptrend from February to July, a small drop and then flattening of the trend in August and September, and an increase this month.
Rate surveys are completed every Friday by Rate-Highway. The monthly averages are calculated using four or five weekly averages. This chart represents this month’s weekly averages.
During the third week, the rate increase of $17.33 was the highest that we have seen since the recall spike in July 2014. During the fourth week, the increase of 9.20 is down from the third week but still a substantial increase.
All regions were up over last October; the Southeast and Northwest regions had the highest increases of $14.71 and $14.65, respectively.
Jim Tennant of The Tennant Group and Michael Meyer of Rate-Highway Inc. have been conducting rate surveys on a weekly basis and providing analysis and comments where appropriate. They publish this monthly recap in our electronic edition and more comprehensive looks in the print editions.
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