COLUMBUS, Ind. — 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% month-over-month in May.
Average mileage was flat, with average price down 3% and age 1%. Longer term, average age, price and miles were lower, with volumes up year-over-year.
“Sales usually slow 4%-5% 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.”
Tam added that auction sales increased 32% month-over-month in May, and dealers continued their risk-averse track, selling 19% fewer wholesale units compared to April. Combined, the total market swelled 13% month-over-month in May.
“Compared to May 2022, the retail market was 17% larger,” Tam said. “The auction and wholesale segments also expanded, 43% and 79%, respectively. Their combined performance drove the total market 31% higher year-over-year. 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.”
The Trucker News Staff produces engaging content for not only TheTrucker.com, but also The Trucker Newspaper, which has been serving the trucking industry for more than 30 years. With a focus on drivers, the Trucker News Staff aims to provide relevant, objective content pertaining to the trucking segment of the transportation industry. The Trucker News Staff is based in Little Rock, Arkansas.
