February Fleet Sales Rebound MoM – Remarketing
Sales to large fleets rose 27% month-over-month in February to 124,507 units, the highest volume in seven months, but remained down year-over-year, Cox Automotive reported on March 8. modest year-over-year gains last month.
Combined sales to large rental, commercial and government buyers were down 30% year-over-year in February. Charter sales were down 52% year-over-year, while sales to commercial and government fleets saw modest year-over-year gains of 1% and 8%, respectively.
Including an estimate of fleet deliveries to the dealer and manufacturer network, Cox estimates that the pace of remaining retail sales fell just 8% year-over-year in February, which has led to an estimated retail SAAR of 12.2 million, up from 13.2 million last February and also last month’s rate of 13.2 million.
Total new light vehicle sales in February were down 12% year-over-year, with the same number of selling days compared to February 2021. In volume, new vehicle sales in February increased by 6% compared to January. SAAR for February came in at 14.1 million, down 11% from last year’s 15.9 million and down 6% from January’s pace of 15 million. Fleet’s share of total sales was 12%, down 3% from last February’s share.
Among automakers, only GM saw an increase in fleet deliveries in February, up nearly 9%. All other manufacturers are down from last year, with a range of -18% to -63% among large companies.
Originally posted on Vehicle Remarketing