August figures show sales into rental increased 118% year over year in August and are up 7% compared to the same time period last year.
Large rental, commercial, and government purchases of new vehicles increased 6% compared to this time in 2020, but decreased by 40% from the same time in 2019.
Fleet sales decreased month over month but rose steeply year over year. Sales into rental rocketed 531% year over year.
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.
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