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) grew for all time periods, up 28% sequentially, 25% higher y/y, and 13% more on a ytd basis. Average prices were 6% higher compared to February and 20% more expensive than in March of 2020, while average miles dropped 2% m/m and y/y. Average age was flat for all three time periods.
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.
“March used Class 8 same dealer sales volumes recovered strongly from unseasonably bad winter weather in February,” said Steve Tam, Vice President at ACT Research. He continued, “Part of the gain may be seasonal, as March typically enjoys about a 13% seasonal bump from February. However, it appears that buyers continue to drain the supply of used truck inventory.”
Looking at the different sales channels for used Class 8 vehicles, Tam commented, “Channel results were oddly mixed, with auctions contracting across the board and retail sales surging for all time period comparisons. Wholesale transactions improved both m/m and y/y, but still lag on a ytd basis.” He added, “It appears as though dealers may be getting more comfortable with having to pay more for trades as they compete for scarce units. Fortunately, their investments are not going unrewarded.”
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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