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ACT Research: Used Class 8 Sales Uncharacteristically High in May

June 28, 2023, 07:00 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) improved by 12 percent month over month (m/m) in May. Average mileage was flat, with average price down 3 percent and age 1 percent. Longer term, average age, price, and miles were lower, with volumes up year over year (y/y).

“Sales usually slow 4 percent-5 percent in May, so the increase was not only uncharacteristic, but also presents a bit of a conundrum in the context of the current economic and freight environments,” said Steve Tam, Vice President at ACT Research. “As owner/operators and smaller fleets in particular exit the industry, inventory continues to increase. This is providing remaining fleets with more options than they have had in a long time.”

“Auction sales increased 32 percent m/m in May. Dealers continued their risk-averse track, selling 19 percent fewer wholesale units compared to April. Combined, the total market swelled 13 percent m/m in May. Compared to May 2022, the retail market was 17 percent larger. The auction and wholesale segments also expanded, 43 percent and 79 percent, respectively. Their combined performance drove the total market 31 percent higher y/y.”

Tam concluded, “Despite the current anemic economic and soft freight conditions, the comparison highlights just how tough conditions were in 2022 with respect to scarce inventory. As the year progresses, the year-to-date scenario also continues to diverge from last year.”

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