COX AUTOMOTIVE – According to Cox Automotive’s preliminary estimate, fleet sales, excluding dealer and manufacturer fleet sales, fell 4.6% month-over-month to 122,586 units in September.

SEPTEMBER 2022 AUTOPACK SALE

Fleet sales increased by almost 25% over the year

Combined sales of large rental, commercial and government fleets in September increased by almost 25% compared to the same period last year. Rental sales were up 18% year-over-year, while commercial fleet sales were up 38% and government fleet sales were down 2%.

Including estimates of fleet shipments to dealer and manufacturer channels, remaining retail sales increased 8.2%, resulting in an estimated seasonally adjusted annual retail rate (SAAR) of 11.8 million, up 0.3 million from last year. months, or by 2.6. %, but by 0.9 million compared to last year’s 10.9 million, or by 8.5%.

“If retail sales start to decline, we believe the industry has options other than increasing incentives,” said Charlie Chesbrough, senior economist at Cox Automotive. “They could shift sales through fleet and rental channels. In February 2020, the fleet accounted for almost 25% of all sales. The fleet share has been around half that recently, so we see upside potential for the fleet if retail slows further.”

Among manufacturers, GM had the largest year-over-year growth, followed by Toyota far behind. Meanwhile, Kia and Hyundai experienced the biggest drop in fleets.

Originally published on F&I and showroom

https://www.autodealertodaymagazine.com/369059/cox-automotive-september-fleet-sales-drop-slightly-remain-up-nearly-25-year-over

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