ACT Research: Used Class 8 Retail Sales Volumes, Average Price, Miles & Age All Down in July
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 down 10% month-over-month. Average price and miles were down 1% and 0.4%, respectively, compared to July, with average age down as well 7% m/m. Longer term, average price was higher y/y and ytd, as were average miles and age, with price up 69% ytd July, average miles 3% higher compared to the first seven months of 2021, and average age 6% 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 took a nose-dive in July,” said Steve Tam, Vice President at ACT Research. He continued, “Historically, used truck sales are typically flat from June to July, so it is a safe bet the decline is a reflection of softening freight, particularly in the spot market.”
Tam added, “Since the advent of the global pandemic, and now with the Ukraine war, seasonality has become less of a factor in explaining month-to-month variation in sales volumes. Rather, development in areas such as economics, freight, and new truck production and sales are playing a much larger role when it comes to the used truck market.” He concluded, “As the economy and freight begin to cool from their torrid pace over the past two years, it is logical and expected to see demand for commercial vehicles, both new and used, slow.”
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 68th Seminar is scheduled for February 21–23, 2022. Look for more details on this event over the coming months and save the date for February’s event. When details are available, they may be found at www.actresearch.net.
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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