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The recent Fleet Forward Conference presented updates to the fleet, used vehicle, and electric vehicle supply and demand.
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October’s price decline is eerily similar to last October’s 2.2% drop, and this was not unexpected as the market remains balanced.
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The latest collective figures from the Detroit Big 3 and the Asian Big 6 show a dip in October but sales are still up by a third for the first 10 months of 2023.
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With sales slightly stronger than expected, tight supply, and prices at about 6% below last year, these factors are expected to prevent any substantial decline in wholesale prices through year-end.
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U.S. fleet sales for August were strong and reached levels for the month not seen since 2019.
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All large manufacturers showed gains in fleet over last year, with combined sales into large rental, commercial, and government fleets improving.
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Fleet sales have helped underpin the market improvement so far this year. Forecasts suggest fleet sales could increase by more than 40% year over year,
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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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After closing out 2022 with the longest-running, sharpest decline over a single year, wholesale used vehicle prices have risen in 2023.
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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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