Sales to large fleets, not including sales to dealer and manufacturer fleets, rose 21% month-over-month in October to 148,721 units, according to an early estimate from Cox Automotive released November 4. .
Combined sales of large rental, commercial and government fleets were up nearly 49% year-over-year in October. Sales to rental and commercial vehicles were both up 58% year over year, while sales to government fleets were down only slightly at 0.3%.
Increased share of fleet in retail sales
Taking into account an estimate of fleet deliveries to dealer and manufacturer channels, remaining retail sales of new vehicles were estimated to be up 5.9%, leading to a retail pace estimated, or seasonally adjusted annual rate (SAAR), of 12.8 million, up 0.9%. million from last month’s pace, or 7.4%, and up 1.2 million, or 10.3%, from last year’s pace. Total fleet market share was 14.1% in October, a 1.9% gain from last month and a 2.9% gain from a year ago. For context, total fleet sales volume was 227,602 units in October 2019, representing a 17.1% share of total retail sales.
“In October, we saw a slight increase in fleet share month over month,” Cox Automotive chief economist Charlie Chesbrough said in a press release. “It’s too early to tell, but this could be the start for some manufacturers to take advantage of the fleet ‘relief valve’ by shifting more of their sales to the fleet, as they see sales at retail decline a bit due to economic uncertainty and consumer affordability concerns.”
Among manufacturers, GM saw the largest fleet increase from a year ago, followed by Stellantis and Ford. Meanwhile, Kia and Hyundai saw the largest fleet declines from a year ago.
Originally posted on Remarketing of vehicles