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 20% year-to-date against the first ten months of 2019, with average price, miles and age all below October 2019 ytd rates, down 11%, 2%, and 8%, respectively. Near term, the report indicated that used Class 8 sales volumes and average miles both fell, down 4% and 1% m/m, respectively, while average age was flat sequentially and average price rose 6% compared to September.
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.
“Input from dealers with whom we communicated over the past month confirms that the recovery in the market remains on track, though it is showing some signs of slowing,” said Steve Tam, Vice President at ACT Research. He continued, “At the beginning of the pandemic, the industry sidelined more than 100,000 for-hire truck drivers, artificially tightening capacity. The two catalysts of solid freight growth and unproductive trucks have conspired to drive spot freight rates to record levels, and this, in turn, has attracted a higher-than-expected number of buyers to the used truck market, yielding higher sales and selling 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.