COLUMBUS, Ind. – Preliminary used Class 8 retail volumes (same dealer sales) decreased 10% month-over-month and were 30% lower compared to October 2021, according to the latest preliminary release of the State of the Industry: U.S. Classes 3-8 Used Trucks published by ACT Research.
Meanwhile, new trailer orders in October totaled 46,750 units, up 82% from September and 168% higher than the same month last year, according to preliminary reports from ACT.
Other data released in ACT’s preliminary report included month-over-month comparisons for October 2022, which showed that the average retail price for used Class 8 tractors ticked up 1%, average miles declined 1% and average age increased 3% from September’s readings.
Compared to October of 2021, the average retail price was 14% higher, with average miles and age both greater by 1% and 2%, respectively.
“Drama in the used truck market increased in October, as the average retail sales price moved counter to expectations, ticking up a scant 1% month-over-month,” Steve Tam, vice president at ACT Research, said. “While a welcome change from the monotonous drumbeat of persistent decline, nothing fundamental that would recalibrate expectations has changed.”
Tam said that tracking the flow of new truck assembly can be informative with regard to the supply of used truck inventory.
“As the OEMs have continued to make incremental progress on overcoming supply-chain constraints, marginal improvements in output have logically followed,” Tam said. “Looking ahead, other forces will step in and offset those improvements.”
Turning back to new trailer orders, Jennifer McNealy, director of commercial vehicle market research and publications at ACT Research, said that “with more 2023 order boards opening, October net orders continued their upward trend.
She added: “With the supply-chain constraints improving for trailer manufacturers, as well as their increasing nimbleness in meeting and mitigating those challenges, OEMs are more comfortable accepting orders, and this month’s preliminary data demonstrates that.”
McNealy closed by saying that “demand remains strong. With backlog-to-build ratios above the seven-month mark, on average, fleets needing trailers are getting in queue and staying there.”
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.