COLUMBUS, Ind. — Preliminary Class 8 same dealer used truck retail sales volumes contracted 4.4% in July, 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 June 2023, average retail price declined 4%, while miles and age both declined 2%, according to ACT.
Compared to July of 2022, volumes improved by 34%, while price declined 28%, miles declined 4%, and age declined 9%.
According to Steve Tam, vice president at ACT Research, “Following three months of being bookended, retail sales handily outsold auctions and wholesalers.” He continued, “Auction activity pulled back 48% month-over-month from its usual end-of-quarter spike. Dealers increased their conservatism in July, with wholesale transactions down 36% month-over-month in July. In total, the used truck industry saw preliminary same dealer sales fall 31% month-over-month.”
Tam concluded, “Historically, July is the fourth slowest sales month of the year, about 5% below average, pretty much explaining all the losses the industry experienced in June.”
Linda Garner-Bunch has been in publishing for more than 30 years. You name it, Linda has written about it. She has served as an editor for a group of national do-it-yourself publications and has coordinated the real estate section of Arkansas’ only statewide newspaper, in addition to working on a variety of niche publications ranging from bridal magazines to high-school sports previews and everything in between. She is also an experienced photographer and copy editor who enjoys telling the stories of the “Knights of the Highway,” as she calls our nation’s truck drivers.
