According to the latest release of the State of the Industry: U.S. Classes 3-8 Used Trucks, published by ACT Research, used Class 8 volumes (same dealer sales) and average sale price fell sequentially in January, down 7% and 6% m/m, respectively. On the other hand, average miles were up 4% m/m and average age reported a 3% uptick from December. Longer term, same dealer sales volumes were up 19% y/y against January of 2020, while average price was virtually flat with a 1% y/y contraction, average miles changed by a similar amount in the opposite direction, up just 1% y/y, and average age was 2% lower compared to January of 2020.
The report from ACT provides data on the average selling price, miles, and age based on a sample of industry data. In addition, the report provides the average selling price for top-selling Class 8 models for each of the major truck OEMs – Freightliner (Daimler); Kenworth and Peterbilt (Paccar); International (Navistar); and Volvo and Mack (Volvo). This report is utilized by those throughout the industry, including commercial vehicle dealers, to gain a better understanding of the used truck market, especially as it relates to changes in near-term performance.
“Many of the conversations we had with dealers since last month’s publication focused on the weather rather than the market,” said Steve Tam, Vice President at ACT Research. He continued, “While it is normal for sales to be below average in February, the severe winter storms that blasted much of the country in February made selling used trucks more of a challenge than it usually is during the month. Aside from the weather, the tone remains positive, with observations that all market segments seem to be doing well.”
Looking at the different sales channels for used Class 8 vehicles, Tam commented, “Channel results were uniformly negative in the short-term, but mixed for longer-term time period comparisons, with retail sales making progress, but auction and wholesale activity lower than a year ago.”
ACT Research is recognized as the leading publisher of commercial vehicle truck, trailer, and bus industry data, market analysis and forecasts for the North America and China markets. ACT’s analytical services are used by all major North American truck and trailer manufacturers and their suppliers, as well as banking and investment companies. ACT Research is a contributor to the Blue Chip Economic Indicators and a member of the Wall Street Journal Economic Forecast Panel. ACT Research executives have received peer recognition, including election to the Board of Directors of the National Association for Business Economics, appointment as Consulting Economist to the National Private Truck Council, and the Lawrence R. Klein Award for Blue Chip Economic Indicators’ Most Accurate Economic Forecast over a four-year period. ACT Research senior staff members have earned accolades including Chicago Federal Reserve Automotive Outlook Symposium Best Overall Forecast, Wall Street Journal Top Economic Outlook, and USA Today Top 10 Economic Forecasters. More information can be found at www.actresearch.net.