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ACT Research: U.S. Used Truck Saga Continues in September

October 20, 2022, 07:05 AM
Filed Under: Trucking

Preliminary used Class 8 retail volumes (same dealer sales) decreased 9 percent month-over-month, and were 29 percent lower compared to September of 2021, according to the latest preliminary release of the State of the Industry: U.S. Classes 3-8 Used Trucks published by ACT Research.

Other data released in ACT’s preliminary report included month-over-month comparisons for August 2022, which showed that average retail price fell 3 percent, average miles increased 2 percent, and average age contracted 4 percent from August’s readings. Compared to August of 2021, the average retail price was 18 percent higher, with average miles and age both greater by 3 percent and 1 percent, respectively.

According to Steve Tam, Vice President at ACT Research, “Retail unit sales reflect the challenges of both waning demand, as well as the curtailed flow of units coming from trade-ins. Encoded in the supply-demand dynamics, the impact of pricing is to the downside.” He continued, “Of course, final interpretation depends on one’s role as a buyer or a seller. Miles and age appear to be holding less sway over pricing, but are also arguably mixed. Looking ahead, prices are likely to continue on their downward trek into the first half of 2023, before starting to head higher, predicated on underlying economic and freight assumptions.”

Relating to new truck build, Tam concluded, “If history is any indication, September new truck build, which totaled nearly 26,000 units, will translate into a meaningful uptick in the market in November or December once those units have worked their way through repair and reconditioning. Of course, this assumes there are customers lined up with dollars (or financing) in hand to put those units to work. Given supply has been a bigger issue than demand, that is probably a safe assumption.”

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