After closing out 2022 with the longest-running, sharpest decline over a single year, wholesale used vehicle prices have risen in 2023.
Combined sales into large rental, commercial, and government fleets have seen eight consecutive months of double-digit, year-over-year increases.
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%.
Some manufacturers may be shifting more of their sales to fleet as they see retail sales soften due to consumer economic concerns.
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.
Sales into commercial fleets were up 37% and sales into government fleets were up 28% last month compared to August 2021.
Sales into commercial fleets were up 19% year over year, and sales into government fleets were up 31%, but rental were down 7%.
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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