Preliminary used Class 8 volumes (same dealer sales) were flat month-over-month in August, according to the latest preliminary release of the State of the Industry: U.S. Classes 3-8 Used Trucks published by ACT Research. Longer-term, volumes rose 46% compared to August 2019, and were up 21% when measured against the first eight months of last year.
Other data released in ACT’s preliminary report included month-over-month comparisons for August 2020, which showed that average prices increased 7%, while average miles and average age each decreased, down 2% and 3%, respectively, compared to July. Year-to-date, average price, miles, and age were all lower, down 16%, 3%, and 8%, respectively, compared to the first eight months of 2019.
ACT’s Classes 3-8 Used Truck Report 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.
According to Steve Tam, Vice President at ACT Research, “In aggregate, the used truck market continued to make gains compared to what happened last month.” He continued, “While the near-term progress is encouraging, the tougher standard is how the current market stacks up against last year.”
Tam added, “As we have been expecting for some time, today’s trucks are not bringing the same money they were a year ago, and given everything that has happened in our economy in the past year, that comes as no surprise.” He concluded, “The good news is that even if prices remain where they are now, they will continue to make improvements relative to last year, becoming less negative as comparisons become easier.”
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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