Major automakers appear to be preemptively pulling the fleet lever to stymie any significant increase in retail inventory.
After closing out 2022 with the longest-running, sharpest decline over a single year, wholesale used vehicle prices have risen in 2023.
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.
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%.
GM has overtaken Ford as the leader in the commercial channel, Ford remains on top in government fleet sales, while Stellantis’ share dropped.
Some manufacturers may be shifting more of their sales to fleet as they see retail sales soften due to consumer economic concerns.
The supply issues plaguing automotive are ameliorating month over month, but to varying degrees depending on fleet type.
Only three of eight major market segments saw seasonally adjusted prices that were higher year over year in September. The full-year Manheim Used Vehicle Value Index forecast is expected to finish the year down nearly 14% YOY, up from the second quarter’s revised forecast of a 6% decline.
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.
Combined sales into large rental, commercial, and government fleets were up 14.6% year over year in August.
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