Fleet vehicle sales, which have been down along with retail deliveries due to inventory shortages, are projected to balloon for the month of November as overall inventories start to rise after the pandemic slump.
A report by TrueCar, an online new- and used-car pricing and information provider, says fleet sales for the month were expected to rise 68% year-over-year and 21% month-over-month, both adjusted for the number of selling days.
Fleet unit sales by brand showed massive year-over-year increases in November at General Motors – 264% -- Honda – 377% -- Hyundai -- 145% -- and Tesla – 1,910%, according to TrueCar estimates.
The rosy forecast follows sales increases in other categories attributed to improved inventories. And while prospective retail customers are nevertheless pulling back on purchases due to high sticker prices and rising interest rates, fleet sales could help bridge the gap.
"Inventories are on pace for a fourth consecutive month of double-digit increases. Consumers, however, continue to face affordability challenges and high monthly payments, keeping many on the sidelines," said TrueCar Industry Analyst Zack Krelle in a press release. "To maintain sales momentum, manufacturers appear to be shifting some of the new supply to non-retail sales."