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With production levels returning to normal and retail demand only modestly improved, sales to fleet channels have increased dramatically.
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Major automakers appear to be preemptively pulling the fleet lever to stymie any significant increase in retail inventory.
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The movement of new vehicles into fleet increases at a consecutive monthly pace with supply freeing up after several years of constraints, according to Bobit fleet data.
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Sales into rental fleets were up 96% year over year, sales into commercial fleets were up 31%, and sales into government fleets were up 65%.
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GM has overtaken Ford as the leader in the commercial channel, Ford remains on top in government fleet sales, while Stellantis’ share dropped.
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Some manufacturers may be shifting more of their sales to fleet as they see retail sales soften due to consumer economic concerns.
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If retail consumers avoid buying new vehicles because of high inflation and interest rates, then OEMs may route more of them into fleet and lease channels.
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Combined sales into large rental, commercial, and government fleets were up 14.6% year over year in August.
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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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Broken down, government fleets were up 5.9% YOY, commercial fleets down by 0.1%, and rental fleet volume down 33% from last May.
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