The mid-2023 White Metal Market Report highlights the ongoing challenges faced by the fleet industry in the wake of the pandemic, comparing the pre-COVID “golden era” to the current difficulties. Over the past three years, fleets have struggled with vehicle shortages, supply chain issues, and rising interest rates. The lack of available vehicles remains a major issue, with fleet managers reporting that access to new vehicles has improved but is still far from optimal. Used vehicle prices continue to decline, especially in larger classes like Class 7 and 8, which saw a 25% drop in the first half of 2023.

Electric vehicle (EV) prices are beginning to fall, and new vehicle prices are stabilizing. However, the cost of financing has doubled since the pandemic, putting pressure on fleets, particularly smaller operators. Supply chain delays, especially in upfitting and transport, continue to hinder new vehicle deployment, with some fleets waiting months for delivery.

Despite these challenges, there are signs of improvement. The freight market is slowly stabilizing, and spot freight prices have risen. Economic indicators remain mixed, with inflation persisting, but the overall economy showing some strength. Looking ahead, the report predicts that the fleet industry will continue to face a steady, yet challenging, environment with potential stabilization by late 2024. However, the unpredictability of global and domestic events leaves room for surprises that could further impact the industry.