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, average miles and average age all declined m/m, down 22%, 2%, and 3%, respectively, compared to October. Longer term, same dealer sales volumes were up 21% year-to-date against the first 11 months of 2019, with average price, miles and age all below November 2019 ytd rates, down 10%, 3%, and 8%, 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.
“Conversations with dealers over the past month have ranged from the current strong market to already looking ahead in an effort to determine when volumes and prices will start moving in the other direction. For now, most concur that sales are and will remain strong into 2021,” said Steve Tam, Vice President at ACT Research. He continued, “Perhaps in anticipation of slowing year-end and winter sales, the number of units listed for sale has fallen to its lowest level in quite some time, and needless to say, this is causing some dealers concern, as they feel they are missing sales due to the lack of sufficient inventory. However, as is often the case, not all dealers are seeing the market the same. Wholesalers, and auctions to a lesser degree, are having to work harder in today’s tight market.”
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.