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 same dealer sales volumes were up 17% year-to-date against the first eight months of 2019, with average price, miles and age all below August 2019 ytd rates, down 15%, 1%, and 8%, respectively. Near term, the report also indicated that used Class 8 sales volumes rose, up 1% sequentially, with average price rising 5% month-over-month. Average miles and age both fell compared to July, down 1% and 3%, respectively.
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.
“Used Class 8 same dealer sales improvements continue to be attributed to the catch-up of weakness in late spring sales, as well as being driven by better-than-expected growth in freight,” said Steve Tam, Vice President at ACT Research. He continued, “That said, the remainder of the year continues to be overshadowed by uncertainty, as businesses evolve to new sales models and small truckers enter and leave the market.” Tam added, “Based on conversations we have had with dealers this past month, it appears that the used truck market is coalescing, with a growing number of reports of increased interest, phone calls, floor traffic, and most importantly, steady sales. At its current level, there are numerous opportunities for buyers, including both truckers and truck dealers, to obtain quality trucks at very attractive price points.”
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.
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