Sales to rental fleets dropped 58 percent in February year over year, contributing to an overall vehicle sales plunge of more than 41 percent for domestic and foreign manufacturers.
The dip in rental fleet sales outpaced the overall February monthly fleet sales total, which also includes commercial and government fleet purchases. For January and February combined, total rental fleet sales dropped close to 63 percent, while rental fleet sales for the domestic manufacturers are off a staggering 82 percent during this period.
February’s seasonally adjusted sales rate is projected to be 9 million to 9.5 million units. The February sales performance was worse than most analysts’ forecasts and is the weakest in at least 34 years, Automotive News reports.