DEMAND EXCEEDS SUPPLY
Over the past several weeks, we have seen demand for new and used vehicles grow at an increasing rate. At the same time, supply remains limited and is decreasing fast, especially 1/2 ton pickups.
The Canadian market was facing challenges with vehicle supply well before the pandemic hit.
- Reduced Canadian vehicle production due to higher US demand
- Rail blockades, GM union strike
- Safety checks delaying Ford's new engines
- Production plants shutdown for 2 months during the pandemic
COVID-19 brought a drastic decrease in new vehicle sales globally, and unprecedented vehicle manufacturer (OEM) debt.
- OEM cost cutting will likely lead to closing of numerous plants
- Many new product launches will be postponed
- Countless automotive suppliers may not survive
THE GOOD NEWS
On-Ground Stock at Summit Fleet
Work-ready vehicles are available now, including pickup trucks, flat decks, vans, and SUV's. With GM and Ford factory order banks closed, and 2021 models not expected until Q1 of next year, Summit Fleet has you covered.
Resale Markets are Rebounding
- New and used
- Rent, lease, purchase
Vehicle auctions have reopened, and sale prices have recovered to pre-pandemic results, or close to it depending on make and model. GM pickup trucks fetch top dollar and are leading the pack, Ford is nipping at their heels, and RAM is in third place.