In May, the automotive industry witnessed its 10th consecutive month of sales increases, fueled by improved inventory and strong demand, particularly from fleet customers.
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According to Cox Automotive, large fleet sales surged 37.2% YoY. Furthermore, the rise in fleet sales increased their market share of total sales to 16.8%. This growth was supported by manufacturers, who recorded significant increases in fleet volumes.
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New vehicle sales grew by 20.4% on the retail side. This rise was influenced by increased vehicle availability and incentives.
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Despite this, the Beige Book report indicated that overall economic activity was mainly unchanged. The report also suggested that loan delinquencies increase among low and moderate-income households as vehicle sales improve.