Year-over-year fleet sales continued its remarkable decline compared to the prior year as the combined rental, commercial and government purchases of new vehicles were down 83.2% in May.
Total fleet volume in May was 52,203, down significantly from 311,202 in May 2019. Rental units led the drop with a 91.3% decrease year over year in May. The dismal May result follows drops in both March (down 34%) and April (down 77%).
It’s not all bad news for the industry, though. As Michelle Krebs, executive analyst for Cox Automotive notes, “Reduced fleet business is not necessarily an awful trend, as automakers need to be replenishing dealer lots to help deliver more profitable retail business. If there is ever a good time for bad fleet, it’s now.”
Read the article at Cox Automotive.