ACT Research: Used Class 8 Retail Sales Leap in August, Delivering Needed Market Relief
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 up 29% m/m. Average price was down 6%, with average miles and age up 4% and 1%, respectively, m/m. Longer term, average price was higher y/y and ytd, as were average miles and age, with price up 64% ytd August, average miles 4% higher compared to the first eight months of 2021, and average age 3% older for the same time period.
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 popped in August, jumping 29% m/m,” said Steve Tam, Vice President at ACT Research. He continued, “Used truck sales usually see a nice bump between July and August, but the level of sales exceeded expectations. Harkening back to comments in a previous report, new truck production is the most likely catalyst for the out-sized increase.”
Tam added, “Looking ahead, the OEMs were unable to maintain June’s level of output in July, so used truck sales in September are likely to return to trend. However, August new truck production was also elevated, so October used truck sales should see some meaningful gains.” He concluded, “For what it is worth, that basic pattern also follows historical seasonality, though this year is likely to see higher highs and lower lows, given ongoing constraints.”
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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