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) fell sequentially (-7% m/m), while average sale price, miles and age were all higher than in January, up 4%, 2%, and 1% m/m, respectively. Longer term, same dealer sales volumes dropped 5% y/y against February of 2020, while average price was 18% higher, average miles were 1% lower, and average age was flat on a year-over-year basis.
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 volumes suffered from unseasonably bad winter weather and increasingly constrained inventory in February,” said Steve Tam, Vice President at ACT Research. He continued, “While January holds the dubious distinction of being the seasonally weakest month of the year, sales normally pick up about 25% m/m in February.”
Looking at the different sales channels for used Class 8 vehicles, Tam commented, “Channel results were oddly mixed, with auctions outperforming in the short term, but negative longer term. Retail sales were unfavorable m/m, but showed gains both y/y and ytd. Not surprisingly, wholesale transactions were lower across all three time period comparisons, as dealers compete for scarce units, resulting in rapidly rising prices.”
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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