Used Vehicle Inventory Up 30% YOY
Wholesale prices had been moving downward for most of the year and decreased 4% in August from July, widening the divergence with retail prices.
Wholesale prices had been moving downward for most of the year and decreased 4% in August from July, widening the divergence with retail prices.
But don't get too excited. Days supply is still far below historical levels and production has yet to catch up to demand.
The average price paid for a new vehicle in America now tops $48,000. Supply of popular segments – like subcompacts, hybrids and EVs – remain low.
Sales into commercial fleets were up 37% and sales into government fleets were up 28% last month compared to August 2021.
The companies are collaborating on an electric vehicle-specific valuation influenced by the condition of the battery, the most expensive part of an EV.
All major market segments saw seasonally adjusted prices that were higher year over year -- but declined -- in the first half of August.
Used vehicles are tracking at a fairly normal pace for supply. Sales have slowed compared to the strong pace in the summer of 2021, but are still relatively healthy.
Used vehicle consignor CarLotz will enable Shift to pursue a new business plan focused on allowing consumers to buy vehicles online, sight unseen, for pickup or delivery.
The average price for a new electric vehicle – over $66,000, according to Kelley Blue Book estimates – remains well above the industry average and more aligned with luxury prices versus mainstream prices.
Sales into commercial fleets were up 19% year over year, and sales into government fleets were up 31%, but rental were down 7%.
All major market segments once again saw seasonally adjusted prices that were higher year over year in July.
The all-new service helps reduce powered equipment loss and streamline fleet management.
At the end of March, the average listing price was $27,246, off record levels in December when it surpassed $28,000. The list price was down some from the end of February when it was a revised $27,609.
Combined sales into large rental, commercial, and government buyers were down 30% year over year in February.
FastLane will be the anchor asset for EBlock to expand its reach by enabling digital dealer-to-dealer buying and selling, positioning EBlock for further reach in the U.S. Midwest.
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