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) jumped 18% month-over-month in March.
Average mileage declined by 5%, with average price up 4% and age down 2%. Longer term, average price, age and volumes were lower, with miles higher year-over-year.
“Same dealer Class 8 retail truck sales continued their topsy-turvy run in March, jumping 18% from February. Granted, sales normally experience a boost in March, but the increase is usually smaller, about 12%,” said Steve Tam, vice president at ACT Research. “The litmus test will come next month, with history indicating sales typically decrease around 10% from March.”
Combined, the total market rose 44% in March, relative to February.
Compared to March 2022, the retail and wholesale markets declined, -13% and -40%, respectively.
Their reductions more than counterweighted by the gain in the auction channel (+48%), resulting in a total market improvement of 4% year-over-year, Tam noted.
“As the year progresses, the year-to-date scenario continues to diverge from year-over-year performance,” Tam said. “The overall market held onto a narrow gain (+1%). Our best estimate suggests that inventory continues to increase, supporting buyers working to refresh their used truck fleets. Units are flowing from both increased new truck purchases/trades, as well as owners exiting the market. The most recent fleet bankruptcy data available show failures have increased but remain well below historical levels.”
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