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ACT Research: July Used Truck Volumes Up YTD, Average Price Down

August 26, 2020, 07:07 AM
Filed Under: Trucking

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 were up 13 percent year-to-date against the first seven months of 2019, with average price, miles and age all below July 2019 YTD rates, down 15 percent, 1 percent and 8 percent, respectively. Near term, the report also indicated that used Class 8 sales volumes rose, up 15 percent sequentially, with average price unchanged month-over-month, and average miles and age virtually flat, down 1 percent each, compared to June.

“July’s strong sales can, in part, likely be attributed to the weakness in late spring sales, driven by stay-at-home orders,” said Steve Tam, Vice President at ACT Research. “That said, the remainder of the year continues to be overshadowed by uncertainty, as businesses evolve to new sales models and small truckers enter and leave the market.”

Tam added, “Regardless of July’s volumes, used truck sales are spotty, with some dealers and sales reps very busy, while others are experiencing very slow sales.” He concluded, “Another part of July’s success may be attributed to new or first-time buyers entering the market, attracted by near-record spot freight rates, with some customers who might otherwise have purchased a new truck turning to the late model, low mileage used trucks instead, after new truck production was halted in the spring to mitigate the spread of COVID-19.”

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