Preliminary used Class 8 volumes (same dealer sales) fell 1% 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. Additionally, the report indicated that longer-term comparisons yielded a 25% decline compared to August 2018, as well as a year-to-date drop of 18%, the 10th consecutive contraction for both time period comparisons.Other data released in ACT’s preliminary report included sequential comparisons for August 2019, which showed that average prices fell 1%, while average miles climbed 2%, and average age was unchanged.
According to Steve Tam, Vice President at ACT Research, “The used truck market is presently awash in a sea of red ink, with only a few bits of good news.” He continued, “Nonetheless, the industry is to be commended for the way it is handling the current market correction, perhaps because the softening market has been anticipated for nearly two years.” Tam added, “Cool heads are prevailing as volumes fall and prices continue to sink, with dealers keeping calm and selling on. That said, if our forecast is correct, the capacity rebalancing should be a relatively shallow and short-in-duration exercise.”
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).
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 and appointment as Consulting Economist to the National Private Truck Council. 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.