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Rental Fleet Sales Skating Just Above 2025 Levels
The U.S. economy's continued growth and positive business investment are creating a favorable environment for fleet vehicle demand.
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SEARCHMENUSEARCHThe U.S. economy's continued growth and positive business investment are creating a favorable environment for fleet vehicle demand.
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The average price for a new electric vehicle – over $66,000, according to Kelley Blue Book estimates – remains well above the industry average and more aligned with luxury prices versus mainstream prices.
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Sales into commercial fleets were up 19% year over year, and sales into government fleets were up 31%, but rental were down 7%.
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All major market segments once again saw seasonally adjusted prices that were higher year over year in July.
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The annual event takes place as the vehicle market and wider economy get more complicated and more industry members are eager to gather after a long pandemic pause.
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Auctions received vehicles from a more diverse stream of sources in the last quarter as data could be signaling some inflection points in the market.
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Rising interest rates and low consumer sentiment are keeping many potential buyers out of the market while higher gas and vehicle prices are decreasing affordability.
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ANALYSIS: Used cars will no longer contribute to inflation. They should be a source of deflation in the months ahead.
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Higher interest rates, coupled with high gasoline prices and high vehicle prices, are keeping used sales in Q2 low.
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While prices and supply stabilize somewhat, the overall supply is far below historical levels, said Charlie Chesbrough, Cox Automotive senior economist.
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The downward trend continues, as June CPO sales were down 1% from May’s sales stats.
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