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 improved 14% month-over-month in February, with longer-term sales rising 9% year-over-year compared to February 2019. The report also indicated that used Class 8 average price in February contracted 6% month-over-month, with average miles up 1% sequentially and average age down 5% compared to 2020’s opening month. Longer term, average price and age dropped 15% and 4%, respectively, while average miles were flat.
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.
“Dealers are reporting that used trucks sales have slowed and many people in trucking are asking the question of whether or not used truck prices have hit bottom yet. Most do not think it has,” said Steve Tam, Vice President at ACT Research. He continued, “Dealers are reporting that they have high levels of used truck inventory, especially aerodynamic sleepers. The market and prices for used vocational trucks – dumps, refuse, etc. – are stronger than for over-the-road sleepers.” Tam added, “The used aerodynamic sleeper segment is the victim of its own success in 2017 and 2018, and as such, is now oversupplied at the same time demand is contracting. This has led to a weak pricing environment and uncertainty for dealers and truck OEMs when trading for used aero sleepers.”
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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