Fleet sales in 2025 are on track to finish ahead of last year, surpassing the two-million mark in November and reaching 2,022,875 vehicles sold year-to-date, a 3.9% increase over the same period in 2024. Much of this growth has been driven by rental car companies, which significantly boosted their purchasing in response to higher customer demand compared to last year. In November alone, the three major fleet sectors—commercial, rental, and government—purchased 165,735 vehicles, an 18.4% increase from November 2024.

U.S. gas prices have dropped to their lowest point since early post-pandemic recovery, with the national average falling to $2.95 per gallon, down 8.5 cents from last week and nearly 7 cents lower than a year ago. The decline is driven by the completion of refinery maintenance and increased OPEC oil production, which has put downward pressure on crude prices. Analysts expect this trend to continue into the holiday season, with some stations already offering gas below $2 per gallon.

The Canadian used wholesale market saw steady month-long declines across nearly all segments in November, with weekly drops generally ranging from –0.32% to –0.44%. Both car and truck/SUV segments experienced consistent depreciation, led by sharp weakness in Full-Size Cars and several high-volume truck categories such as Small and Full-Size Pickups, Minivans, and Mid-Size Crossover/SUVs. The only segment to post any gain was the Full-Size Luxury Crossover/SUV, which saw a slight +0.14% increase. Retail conditions mirrored this softening: average used-vehicle listing prices edged down from $37,150 to $36,930, while dealer inventory levels remained stable at roughly 212,000–217,000 units. Auction activity fluctuated widely due to economic uncertainty, firm seller floors, and continued priority access for upstream channels.

Mazda will honor pricing at the published rate in effect on the date an order is received by the MNAO Fleet Department, excluding destination and delivery charges. This price protection ensures stability and transparency for all fleet partners.

The Manheim Used Vehicle Value Index (MUVVI) rose to 205.0 in mid-November, reflecting a 1.1% increase in wholesale used-vehicle prices from October, though values remain 0.2% below levels from November 2024. This gain contrasts with the long-term trend, as November typically sees a 0.6% seasonal decline. Non-adjusted prices, however, fell 0.5% month over month and are down 0.2% year over year, showing some softening after elevated depreciation in October. According to Jeremy Robb, Cox Automotive’s Interim Chief Economist, early November brought more moderate pricing trends and a slightly improved retail sales pace, aided by lower auto loan rates, which dropped roughly 30 basis points. He notes that depreciation typically stabilizes in December and that higher-than-usual spring tax refunds could drive early dealer demand.

Stellantis is reshaping its U.S. fleet operations under Michael Ferreira, who joined in April after more than 30 years in global fleet roles. The company is already seeing progress, with a 22% year-over-year fleet sales increase in Q3 2025. Ferreira reorganized the fleet division by integrating previously separate brand teams and establishing new regional roles focused on business development, account management, and dealer support. Stellantis also released MY-2026 pricing earlier than competitors and aligned its U.S. strategy with the global Pro One commercial vehicle program. The company is prioritizing government, commercial, and rental fleets while expanding outreach to self-managed fleets, which make up half of the market.