Preliminary used Class 8 volumes (same dealer sales) fell 40% month-over-month, and were 33% lower compared to April of 2021, according to the latest preliminary release of the State of the Industry: U.S. Classes 3-8 Used Trucks published by ACT Research.
Other data released in ACT’s preliminary report included month-over-month comparisons for April 2022, which showed that the average retail price rose 10%, as average miles and age were both lower, down 5% and 6%, respectively, from March. Compared to April of 2021, the average retail price was 77% higher, with average miles and age greater by 3% and 7%, respectively.
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 the inventory-challenged world used truck buyers and sellers find themselves these days, it should come as no surprise that sales volumes fell in April.” He elaborated, “March’s gains (+53%) came on the heels of the strong December new truck sales market (+49%). Looking back at January new truck sales (-39%), is it any wonder that April preliminary used truck sales were off a corresponding percentage (-40%)?”
Tam continued, “The preliminary average retail selling price for Class 8 trucks eked out another record in April, and prices were unaffected by miles and age, which were up for all time period comparisons, yet another signal of the stale and lingering imbalance between supply and demand.” He concluded, “Looking ahead, if April is not the peak for prices, then the zenith cannot be far off. Slowing freight and freight rates confirm the assertion.”
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 67th Seminar is scheduled for August 23-25, 2022. The focus will be the potential impact of decarbonization and autonomous technology on commercial vehicles and on-highway transportation. Each event ACT shares its best-in-class data and forecast in presentations, as well as featuring guest speakers to dive into topics of interest for the benefit of attendees. The agenda includes key industry leaders, who will be announced at a later date. For more information about Seminar 67 Watts Under The Hood: Transportation Transformation, click here: https://www.actresearch.net/seminar-67/.
ACT Research recently completed POWER UP, a look at 7 global regions and more than 20 countries in a review of local regulations, infrastructure, and the impact on the adoption of battery and fuel cell electric commercial vehicles through 2040. This forecast is the first of its kind, a review of the decarbonization of commercial vehicles around the world. POWER UP is available now at https://www.actresearch.net/power-up/.
Additionally, ACT Research published an update to CHARGING FORWARD, a North American-centric battery and fuel cell electric vehicle adoption rate forecast, covering 23 vehicle applications, in Classes 4-8 commercial vehicles, through 2040. CHARGING FORWARD is considered by many industry leaders to be the apex of analysis and economic-based total cost of ownership modeling in the industry. And, it is now available for purchase at https://www.actresearch.net/electric-vehicles-charge/.
Currently, the team at ACT Research is engaged in a commercial autonomous vehicle multi-client study. Through this work, we have identified adoption rates and forecast for autonomous Classes 4-8 vehicles through 2040. On Thursday, May 26, ACT’s autonomous team will hold a virtual briefing and update about the study’s progress to date. More information about our Autonomous Commercial Vehicle Study and the upcoming briefing can be found here: https://www.actresearch.net/autonomous-cv/.
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Access May's State of the Industry: U.S. Classes 3-8 Used Trucks Preliminary Press Release.