Preliminary used Class 8 volumes (same dealer sales) grew 42% month-over-month and 6% year-over-year in October, according to the latest preliminary release of the State of the Industry: U.S. Classes 3-8 Used Trucks published by ACT Research, but year-to-date preliminary volumes dropped 17%.
Other data released in ACT’s preliminary report included month-over-month comparisons for October 2019, which showed that average prices dropped 10%, average miles increased 2%, and average age was unchanged compared to September 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, “The biggest volume change in almost four yearsand the largest price drop in three years call to mind how truck sellers and buyers are behaving in today’s market.” He continued, “For their parts, sellers are probably getting creative, looking to markets they do not traditionally serve in their efforts to move inventory, while for buyers, the change might not be as subtle.” Tam added, “With the average selling point below the $40,000 mark for the first time in more than two years, prices appear to have reached the point where they are too good to pass up.”
Commenting on individual market channel volumes, Tam noted, “The retail, auction, and wholesale markets rose 33%, 69%, and 64% month-over-month, respectively, while longer-term comparisons revealed year-over-year improvements of 4%, 5%, and 14%, respectively.”
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.
ACT’s 62nd seminar is scheduled for February 11-13, 2020, and will feature trucker, electrification, and economic panels, as well as discussions on near-term demand of North American commercial vehicle markets and the pending impact of electrification on the market in the near future. A commercial vehicle database workshop is also being planned in conjunction with this semi-annual event.
Click below to: