ACT Research: Used Class 8 Retail Sales Volumes and Average Price Higher in February, While Miles and Age 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 11% higher month-over-month. Longer term, volumes were down 27% y/y. Average prices were 8% higher compared to February, and 90% more expensive than in March of 2021. Average miles and age were down slightly from February, at -2% and -4%, respectively, with miles up 2% y/y and age 1% higher than last March.
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.
“Used Class 8 same dealer retail sales volumes enjoyed a second straight month of improved volumes in March, rising 11% sequentially,” said Steve Tam, Vice President at ACT Research. He continued, “Typical seasonality called for a 13% increase, so while better recent new truck sales may have contributed, the gain was not unanticipated.” Tam added, “Positively, March new truck sales were meaningfully higher, exceeding expectations, and as the associated trades work their way through the process, they should also contribute to improved used truck sales.”
Asked about the future of the US used truck market, Tam commented, “Looking ahead to near-term expectations, sales usually slow to below-average levels in April and May, returning to normal in June and July. As has been the case for more than a year now, it will be the supply chain that dictates the pace and timing of new truck deliveries, which in turn largely control the tempo of the used truck market.” He concluded, “The foremost topic in used truck dealers’ minds is where values are headed. Driven by new truck market and supply-chain challenges, it seems no truck customers, new or used, can get the equipment they want when they want it. And while some progress is being made with regard to part shortages, limitations are likely to persist through 2022 and into 2023.”
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/.
Click here for more information about ACT’s US Used Classes 3–8 Truck Report.
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