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With Hyundai’s South Korean strike creating uncertainty for 2027-model-year deliveries, Mike Muehlenfeld of Walser Automotive Group says rental operators are maintaining normal purchasing levels and generating strong returns at disposal.
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Commercial fleet sales were down more than 14% last month, tying its January decline and continuing a string of monthly losses.
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ICRS 2024: The annual industry update relayed positive signals for overall industry growth amid some uncertainties and volatility for auto rental fleets.
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Year-to-date sales in commercial, rental, and government fleet sectors are scraping 600,000 vehicles sold.
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Domestic brands continue to have the highest inventory while Asian imports rank lowest.
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With new-vehicle inventory rising in the U.S., downward price pressure and higher incentives appear to be key drivers of the market’s momentum.
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February sales figures show a major gain in new rental cars that makes up for flat or lower sales in the commercial and government fleet sectors.
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Inventory levels reach the highest point since June 2020 while the number of buyers who can afford a new vehicle is the best since June 2021.
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Rental fleet sales gain by a fifth compared to last year while commercial fleet sales dip by double digits.
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The global auto rental provider and Detroit OEM will apply enhanced technology to improve rental car operations at customer locations.
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The technologies ready to streamline and strengthen the car rental industry also come with uncertainties and challenges.
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