When it comes to new vehicle sales, the US car rental industry continues to feel the effects of supply chain disruption.
In the first six months of 2022, rental fleet sales totaled 341,983 units, down 32% from the same period in 2021. According to data collected by Bobit, the first-half totals mark the lowest rental fleet sales in at least 20 years. – easily eclipsing the nadir of 788,349 units in the first half of 2011 as the industry emerged from the Great Recession.
At the same time, monthly comparisons have been steadily improving since January. June 2022 sales totaled 56,652 units, down just 9.8% from June 2021. However, comparisons to 2021 are becoming skewed as the supply issue blossomed in the second quarter of the year. ‘last year.
Comparisons with 2019 – the last pre-pandemic year – put sales in historical context: In 2019, rental sales totaled 180,020 units in June, marking a 68.5% drop from sales in June 2022 In the first half of 2019, 1,080,983 units were sold to rental fleets, down 68.4% this year.
These low sales figures are not an anomaly compared to the overall US sales market which is still constrained by a lack of supply.
Cox Automotive noted in its first-half new-vehicle sales forecast that its “initial expectation for improved vehicle inventory in 2022 has not materialized” and that while used-vehicle inventory has returned to normal, the stock of new vehicles “continues to be the largest in the industry”. headwind.”
Cox’s seasonally adjusted annual rate (SAAR) of new-vehicle sales for June came in at 13.8 million, up from last month’s pace of 12.7 million but well below the 15-point level, 5 million from last year. Seeing “no clear timeline for a noticeable recovery in new vehicle inventory levels,” Cox Automotive lowered its 2022 U.S. auto sales forecast to 14.4 million units from its previous forecast of 15.3 million.
Rental sales comparisons, 2019 to 2022
|March 2022||78 157||-67.7%|
|First semester 2019||1,080,983|
|First semester 2022||341,983||-68.4%|