Today's video looks at an overview of commercial fleet sales for the month of October; fleet depreciation trends in the wholesale market; and unintended consequences of extending vehicle service lives and the supplemental cost increases.
Total fleet sales for the month — which is comprised of commercial, rental, and government sales — came in at 101,159, which represented a 51% drop from the same time last year.
Commercial fleet sales from nine manufacturers totaled 53,628 in June 2020, representing a 26% decrease when compared to the same time last year, though the declines are not as significant as seen in the last two months, which were both more than 65% drops.
Commercial fleet sales from nine manufacturers totaled 23,866 in May 2020, representing a 68.9% year-over-year decrease, continuing a streak of significant monthly declines since the COVID-19 pandemic.
Commercial fleet sales from nine manufacturers totaled 56,441 in January 2020, which represented a 3.7% year-over-year increase.
Sales of vehicles to commercial fleets surged in September even as several automakers reported sharply lower overall sales during the month.
Through the 12-month period ending in June 2019, overall manufacturer incentive spend has declined, and the strength of fleet sales this year has been a big reason why.
Sales to corporate fleets increased 11.2%, while sales to government agencies and rental fleets fell 0.3% and 6.5% respectively.
March sales to commercial fleets increased 11.1%, while sales to government agencies increased 7.3%. Sales into daily rental increased 5.3%.
Sales of vehicles to commercial fleets declined 1.7% in February, while sales to government agencies increased 2.4%. Sales to daily rental increased 5.3%.