U.S. carmakers slashed daily rental sales in July

DETROIT - 1 August 2017: Fiat Chrysler Automobiles (FCHA.MI)(FCAU.N) said on Tuesday its U.S. vehicle sales dropped 10 percent in July, to 161,477, as it cut back sales to daily rental fleets.

General Motors Co (GM.N) said on Tuesday it slashed July sales to rental car fleets in the United States by 80 percent from a year ago to just over 2,700 vehicles, while increasing sales to commercial fleets.

GM said sales to U.S. commercial vehicle fleets rose by 40 percent in July to 17,300 vehicles and noted that commercial fleet sales can be as profitable as retail sales.

The company said fleet sales overall accounted for about 10.5 percent of total U.S. sales for July. GM and other automakers are expected to report total U.S. car and truck sales for July later this morning.

Sales to rental fleets usually generate thin profit margins.