COLUMBUS, Ind. — Based on preliminary Class 8 same dealer used truck retail sales volumes (+10% month over month), it appears buyers are eager to take advantage of lower prices. In total, however, the used truck industry contracted in October, 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 September 2023, average retail price and age were flat, with miles up 1%. Compared to October 2022, volumes increased 27%, but price, mile and age saw declines.
“The gain in retail volumes stood in stark contrast to the other channels. Auctions were 62% lower month over month, while wholesale transactions fell 15% month over month,” said Steve Tam, vice president at ACT Research.
“In total, the used truck industry contracted, with preliminary same dealer sales dropping 38% month over month,” he continued. “Historically, October is the best sales month of the year, averaging 9% above normal and 3.4% higher than September. However, shifting auction volumes are rapidly impacting overall seasonality.”
ACT’s Classes 3-8 Used Truck report provides data on the average selling price, miles and age based on a sample of industry data. In addition, the report provides the average selling price for top-selling Class 8 models for each of the major truck OEMs — Freightliner (Daimler), Kenworth and Peterbilt (Paccar), International (Navistar), and Volvo and Mack (Volvo).
Born and raised in Little Rock, AR, Erica N. Guy decided to stay in her hometown to begin her professional career in journalism. Since obtaining her bachelor’s degree from UAPB, Erica has professionally written for several publications about several topics ranging from lifestyle, tech, culture, and entertainment, just to name a few. Continuing her love for her hometown, she joined our team in June 2023, where she is currently a staff writer. Her career goals include continuing storytelling through her writing by being the best professional writer she can be. In her spare time, Erica enjoys trying new foods, cozying up with a good book, spending time with family and friends, and establishing herself as a future businesswoman.
