Sales into rental fleets are up in the first quarter, while residual values are softening. Are higher fleet costs and over fleeting on the horizon?
The passenger car segment was a main contributor to the the rise in used-vehicle prices in 2018.
The average value of used fleet vehicles increased 1.5% in August from the prior month and are now up 8.5% from a year ago, according to Tom Kontos, KAR Auction Services' chief economist.
More SUVs, the retention of higher mileage vehicles, and new methods of remarketing are some trends fleets are observing in the wholesale market.
Used-vehicle values have held strong this year. A strong economy and more efficient remarketing strategies are helping make 2018 a banner year for used-vehicle values.
Vehicles that were taken out of commercial, government, and daily rental fleets and sold at auction in July were worth 8.1% more than they were a year ago and 0.4% more than in June, according to Tom Kontos, KAR Auction Services' chief economist.
Cox Automotive has established a new mobility services unit that combines existing businesses, such as its Flexdrive subscription service, with its acquisition of Clutch Technologies' subscription software platform to deliver fleet management solutions for mobility fleets, the company has announced.
Off-lease fleet vehicles sold in the wholesale market at auction fell 1% in value in June from the prior month but increased 7% from a year ago, according to Tom Kontos, KAR Auction Services' chief economist.
All vehicles are Avis Certified — meaning they have passed a rigorous multi-point, bumper-to-bumper inspection process completed by certified mechanics, including ASE-Certified and ASE Master Technicians.
iBidSmart has launched a new platform that allows rental car companies to auction wholesale inventory directly to dealers.