ACT Research: June Used Truck Market Enjoys Historically Expected Sales Gains
The preliminary Class 8 same dealer used truck retail sales volumes improved again in June, up 4% m/m. Combined the auction, retail and wholesale channels saw preliminary same dealer sales advance 21% m/m, according to the latest preliminary release of the State of the Industry: U.S. Classes 3–8 Used Trucks published by ACT Research.
Compared to May 2023, average retail price was flat, while miles increased 2% and age declined 3%. Compared to June of 2022, volumes and miles increased 24% and 1%, respectively, but price and age declined 27% and 9%.
According to Steve Tam, Vice President at ACT Research, “For the third straight month, the retail market’s performance fell between the auction and wholesale markets.” He continued, “Auction activity turned in its typical third month of the quarter burst, adding 48% m/m. Dealers continue to play it close to the vest, with their sales down 7% m/m in June.”
Tam concluded, “Historically, June is the fourth best sales month of the year, about 14% above, accounting for some, but not all of the gain the industry enjoyed in June.”
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.
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.