Recovering Fleet Sales Outpace Retail Sector
U.S. fleet sales for August were strong and reached levels for the month not seen since 2019.
Insurance Auto Auctions
Manheim
Black Book, National Auto Research
U.S. fleet sales for August were strong and reached levels for the month not seen since 2019.
The conversion rate indicates that the first 15 days of August saw buyers with more bargaining power for this time of year.
All large manufacturers showed gains in fleet over last year, with combined sales into large rental, commercial, and government fleets improving.
Overall engagement with the International Automotive Remarketers Alliance has risen across the board in the final stretch before its annual conference.
Analysis: An increase in one-off moves, overall wholesale industry growth, and OEM production increases are driving prices higher versus pre-pandemic levels.
The last several months have closely followed 2019 levels, the last normal year, which means dealers are balancing their inventory to the sales rate and keeping days’ supply steady even as total supply improves.
While inventory is up substantially compared to 2021 and 2022 levels, it remains low by historical standards.
The Manheim Market Report values saw above-average declines that were relatively consistent, with values declining almost 4% in the last four weeks.
With production levels returning to normal and retail demand only modestly improved, sales to fleet channels have increased dramatically.
The International Automotive Remarketers Alliance has lined up speakers and sessions for its annual Summer Roundtable, ready to take on the most pressing issues and challenges facing the industry.
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After 25+ years in Las Vegas, the Conference of Automotive Remarketing hits the road for 2024, landing at a resort in Phoenix, Arizona.
Days' supply increased due to a slight weakening in sales toward month-end. Despite a decline in the average listing price, it remained above $47,000.
Next Inspect helps automakers, captive lenders, and fleet owners capture more accurate vehicle conditions to inform buying decisions.
Association of Fleet Professionals' board chair says the most popular fleet EVs have seen residual value reductions of 10-20% in the past 12 months.
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