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ACT Research: Used Class 8 Truck Volumes Exceeded Seasonal Expectations in March

April 27, 2023, 06:58 AM
Filed Under: Trucking

According to the latest State of the Industry: U.S. Classes 3-8 Used Trucks, published by ACT Research, used Class 8 retail volumes (same dealer sales) jumped 18 percent month over month in March. Average mileage declined by 5 percent, with average price up 4 percent and age down 2 percent. Longer term, average price, age, and volumes were lower, with miles higher year over year.

“Same dealer Class 8 retail truck sales continued their topsy-turvy run in March, jumping 18 percent from February. Granted, sales normally experience a boost in March, but the increase is usually smaller, about 12 percent,” said Steve Tam, Vice President at ACT Research. He continued, “The litmus test will come next month, with history indicating sales typically decrease around 10 percent from March.”

He added, “Combined, the total market rose 44 percent in March, relative to February. Compared to March 2022, the retail and wholesale markets declined, -13 percent and -40 percent, respectively. Their reductions more than counterweighted by the gain in the auction channel (+48 percent), resulting in a total market improvement of 4 percent year over year.”

Tam concluded, “As the year progresses, the year-to-date scenario continues to diverge from y/y performance. The overall market held onto a narrow gain (+1 percent). Our best estimate suggests that inventory continues to increase, supporting buyers working to refresh their used truck fleets. Units are flowing from both increased new truck purchases/trades, as well as owners exiting the market. The most recent fleet bankruptcy data available show failures have increased but remain well below historical levels.”

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