ACT Research: 2020 Closed with Used Class 8 Sales Volume Up, While Average Price-Miles-Age Fell
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 same dealer sales volumes, average price and average age all rose m/m, up 13%, 3%, and 1%, respectively, compared to November. Longer term, same dealer sales volumes were up 22% year-to-date against full-year 2019, with average price, miles and age all below December 2019 ytd rates, down 7%, 3%, and 8%, respectively.
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.
“Comments from dealers since last month’s publication continue to focus on how much better than expected the used truck market was in 2020, a theme that seems to resonate throughout not only the commercial vehicle industry, but the broader economy as well,” said Steve Tam, Vice President at ACT Research. He continued, “Unfortunately, lackluster new truck sales conspired to choke the flow of equipment into the secondary market. Dealers continue to lament the lack of inventory as the main limiting factor to what could have been an even better year.”
Looking at the different sales channels for used Class 8 vehicles, Tam commented, “Retail customers were largely absent in the first half of the year, but came back with gusto in the second half. Conversely, auction and wholesale volumes started 2020 strong, but waned as the year progressed. While the pattern was similar, auction ended in the red in 2020, while wholesale activity improved relative to 2019.”
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 64th Seminar is scheduled for February 23–25, 2021. Focused on the continuous evolution and advancement of power and energy changes in the transportation and commercial vehicle markets, OUTLOOK Seminar 64 will feature key industry leaders such as Ryan Reed of Wabash National, John Bennett from Meritor, Lance Riegel of Marvin Johnson, and Dominick Beckman from Hino Motors. Look for more details on this event over the coming months and save the date for February’s event. Click here for seminar information. www.actresearch.net/seminar64
Click here for more information about ACT’s US Used Classes 3–8 Truck Report.
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