ACT Research: Used Class 8 Retail Sales Volumes and Average Age Higher in May, While Price and Miles Slightly Lower

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 8% higher month-over-month. Longer term, volumes were down 38% y/y. Average price and miles were each down 2% compared to April, but average price rose 64% y/y, while average mileage was just 3% higher y/y. Average age rose slightly from April, at +2%, with used trucks, on average, 7% older than they were last May.

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.“Same dealer retail sales of used Class 8 trucks surprised to the good in May, and the nature of the surprise stems from the typical two-month, or so, lag between new truck sales and corresponding used truck sales.” -Steve Tam, ACT Research Co.“Same dealer retail sales of used Class 8 trucks surprised to the good in May, and the nature of the surprise stems from the typical two-month, or so, lag between new truck sales and corresponding used truck sales,” said Steve Tam, Vice President at ACT Research. He continued, “Looking back at January and February, new truck sales were lackluster at best. Unit sales increased in March, so it is possible that the new-used lag has shortened a bit. However, with the plethora of supply-chain issues still in play, that would be a tall order. And that says nothing of what is happening in the spot freight markets, a favorite customer segment for the used truck market.” Tam added, “Also impeding progress are record-high fuel prices, a bane for truckers of all stripes, but especially owner/operators. Summing it all up, there appears to still be a large amount of pent-up demand for trucks that is getting sated at a very moderate rate. For that reason, longer-term comparisons are much more in line with reality.”

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/.

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