ACT Research: Used Class 8 Retail Sales Dropped 19% in November, Aligned with Expectations

ACT's Used Class 8 Retail Summary - November (F) 2022COLUMBUS, IN – 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 retail volumes (same dealer sales) were down 19% m/m. Average mileage was down 1%, with average price down 3% and age up 2%, m/m. Longer term, average price and miles were higher y/y, with age up 7% y/y.

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.

Steve Tam_S67 (9)“Used truck sales typically see a meaningful fall off in November when compared with October, so the decline was in line with expectations,” said Steve Tam, Vice President at ACT Research. He continued, “Used Class 8 retail truck sales for November were also notably weaker for longer-term comparisons, falling both y/y and ytd.” 

Tam added, “Examining the other channels reveals some interesting variances. Near-term channel results show auction sales were up 46% compared to October, while wholesale activity softened 13% m/m. In total, the market was 3% lower in November than in October.” He concluded, “We are expecting the total market to decline in 2022. Looking ahead to 2023, the market is expected to continue falling as inflation triggers a short, shallow general recession, concentrated in the manufacturing segment.”

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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Click below to access:
More information about ACT’s Used Truck reports.
Information about other ACT Research products and services.
December's State of the Industry: U.S. Classes 3-8 Used Trucks Preliminary press release.
November's State of the Industry: U.S. Classes 3-8 Used Trucks press release.
ACT’s In the News page. 

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