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ACT Research: Preliminary Used Truck Same Dealer Retail Sales Increased 2% M/M in February

March 17, 2023, 07:18 AM
Filed Under: Trucking

Preliminary Class 8 same dealer used truck retail sales volume managed a small gain, rising 2 percent month over month in February. The small improvement paled in comparison to the 233 percent sequential increase in auctions sales and a 55 percent jump in wholesale transactions. Combined, the used truck industry saw preliminary same dealer sales increase 49 percent month over month, according to the latest preliminary release of the State of the Industry: U.S. Classes 3-8 Used Trucks published by ACT Research.

Compared to January 2023:

  • Average retail volumes increased 2 percent.
  • Retail price declined 3 percent.
  • Miles were flat.
  • Age declined percent.

Compared to February of 2022:

  • Average retail volumes declined 20 percent.
  • Price declined 24 percent.
  • Miles increased 3 percent.
  • Age declined 2 percent.

According to Steve Tam, Vice President at ACT Research, “Traditionally, February is not a particularly robust month for sales, but the cycle seems to keep finding ways to extend itself just a little further.” He continued, “As new truck sales have slowed in January and February, it is safe to assume used truck volumes will follow suit in the next few months.”

Tam concluded, “As expected, declines are becoming progressively more negative. This is the result of the fact that prices increased in early 2022, reaching their zenith in April. While the retail market held up reasonably well in February, the preliminary average sale price for all units, including auction and wholesale transactions, fell an astounding 20 percent month over month.”

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