Fleet Sales Boost Light New Vehicle Sales
According to Cox Automotive’s Market Report for February 6th, fleet sales are leading increases in light new vehicle sales. Light new-vehicle sales pace increased to 15.7 million in January. Additionally, new vehicle prices declined slightly while incentives increased.
Historically, automotive light vehicle sales have seen a 25-30% decline in January compared to an increase of 17.7% this year. Most sales in January came from fleet sales, as combined sales into large rental, commercial, and government fleets rose 58% from January 2022. Total vehicle sales rose 4.2% from January 2022.
Cox believes that job growth and unemployment declines will keep the automotive market strong but increases to the prime rate will limit consumer’s buying power.
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