Trends brought to you by Element - Q1 2023 Insights

Tighter financial conditions, rising inflation and slower global economic growth are headwinds facing fleets this year.

In this Q1 2023 Trends report, you will uncover our experts’ recommendations on acquisition, maintenance, and remarketing to enhance decision making and keep your fleet running efficiently.

Discover 3 major fleet trends to inform your strategy

1. Acquisition: Place orders early and consider alternative models to fulfill demand. Supply chain issues, chip shortages, and labor challenges are hampering vehicle supply. Be flexible with requirements such as models, vehicle types, and specifications, to expand your options.

2. Maintenance: Stay on top of preventative maintenance schedules to reduce repairs and downtime. There have been widespread parts shortages and delays, increasing the need for spare vehicles and rentals. Keep up with preventative maintenance and plan for higher labor rates and rising costs on replacement parts.

3. Remarketing: Leverage the current market to maximize gains, as prices are just starting to normalize from historical highs. Used-vehicle prices are expected to keep falling especially in the first half of the year after a record value increase in 2020 and 2021. Take advantage of the resale market now, as it is projected that there will be a lower demand for used vehicles going forward.

For more trends and recommendations, download our quarterly market report, Trends brought to you by Element Q1 2023.