ICRS 2024: The annual industry update relayed positive signals for overall industry growth amid some uncertainties and volatility for auto rental fleets.
Cox Automotive welcomes a return to normalcy after four years of everything but normal, with nothing in the data suggesting vehicle market surges in any direction.
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.
The U.S. car rental industry’s expected revenues of $28.1 billion in 2021 represent the largest year-over-year gain in recorded history.
For April, Manheim’s rental risk unit share fell to the lowest level since 2002. Rental car companies are net buyers, not sellers, of wholesale used vehicles right now, says Cox Automotive’s Jonathan Smoke.
Overall revenue of $23.22 billion lowest since 2011; year-over-year drop unparalleled.
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