ANALYSIS: Used cars will no longer contribute to inflation. They should be a source of deflation in the months ahead.
After including dealer and manufacturer fleet sales, the total fleet share of all sales was 14%, up 2% from April 2021's fleet share.
Combined sales into large rental, commercial and government buyers were up over 4% year over year in April.
Fleet share of total sales was 15% in March 2022, up nearly 2% from the March 2021 fleet share, but the number of vehicle sales remained down 11% year over year.
The average listing price of about $27,000 is running 25% above year-ago levels and 38% over pre-pandemic 2019 levels.
October figures show buyers are much more aggressive in purchasing than is typically the case in the fall. Combined sales into large rental, commercial, and government buyers were down 24% year-over-year in October.
The sales conversion rate also increased last month and ended at a level higher than typical for August, indicating buyers have become more aggressive than they were in June and July.
High prices and relatively tight inventory keep more buyers at bay.
The industry quickly turned to online services when the pandemic hit, utilizing digital-only sales, which ultimately kept the industry from halting completely.
The Manheim Used Vehicle Value Index hit a record high for the second consecutive month, as wholesale used-vehicle prices rose 1.1% month over month in June. The increase brought the Index to 129.3, a 2.5% increase from a year ago.
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