Used EV Market Gains Momentum as Inventory Tightens
The used EV market continued to strengthen in May, supported by growing inventory from off-lease returns and increasing consumer demand for more affordable electric vehicles. Used EV sales rose 24.7% year over year and 5.5% from April, significantly outpacing the new EV market, where sales remained below year-ago levels despite a monthly improvement. While new EV prices continued to decline for the 11th consecutive month, used EV values moved higher, reflecting stronger demand and tightening supply across many brands and models.
For fleet operators, the expanding used EV market presents encouraging signs for future remarketing performance and broader EV adoption. Used EV inventory is turning faster than the overall used vehicle market, with days’ supply falling more than 23% compared to a year ago. At the same time, strong growth in off-lease inventory is creating more options across a wider range of price points. As EV incentives remain elevated and manufacturers continue introducing new products, fleets may benefit from improved acquisition opportunities while also seeing increased confidence in the long-term viability of EV resale markets.
Chevrolet Unveils Redesigned Silverado to Strengthen Truck Lineup
Chevrolet has revealed a significantly redesigned 2027 Silverado 1500, featuring updated styling, a more technology-focused interior, and new V-8 engine options. The Silverado remains one of General Motors’ most important vehicles, serving as a major contributor to both sales and profitability. The refreshed truck will offer four powertrain choices, including new 5.7-liter and 6.6-liter V-8 engines, an upgraded TurboMax engine, and the Duramax diesel. New technology features include larger digital displays across all trims and the availability of Super Cruise hands-free driving, even while towing a trailer.
Canadian New Vehicle Sales Decline Across All Provinces
Canada’s new light vehicle market continued to soften in May, with sales declining in most provinces and every province now reporting year-to-date sales below 2025 levels. Nova Scotia and Newfoundland were the only provinces to post year-over-year gains in May, increasing 4.6% and 1.1%, respectively, though both remain negative for the year. Ontario and British Columbia experienced only modest declines, while the remaining provinces recorded low single-digit decreases. Quebec also slipped into negative territory year-to-date, marking the first time all ten provinces have reported annual sales declines simultaneously.