COLUMBUS, Ind. — Preliminary Class 8 same dealer used truck retail sales volume managed a sizable gain, ballooning 23% month-over-month in March.
The improvement was directionally consistent with, but smaller in comparison to, the 93% pop in auctions sales and a 34% bump in wholesale transactions, according to the latest preliminary release of the State of the Industry: U.S. Classes 3-8 Used Trucks published by ACT Research.
Combined, the used truck industry saw preliminary same dealer sales increase 53% month-over-month, the report noted.
Compared to February 2023:
- Average retail volumes increased 23%.
- Retail price increased 4%.
- Miles declined 6%.
- And age declined 2%.
Compared to March of 2022:
- Average retail volumes declined 13%.
- Price declined 26%.
- Miles increased 3%.
- And age declined 1%.
Steve Tam, vice president at ACT Research, said that historically, March is one of the best months for sales, but not as strong as indicated by preliminary data.
“Regardless, buyers are taking advantage of improved inventory and lower prices to refresh their fleets with younger, lower mileage units,” he said. “The preliminary average retail price (same dealer sales) of used Class 8 trucks sold in March gained 4% month-over-month, to $74,500, or 26% below where it was in March 2022. The unexpected gain is somewhat the result of younger, lower mileage trucks making their way into the market as the logjam on new truck purchases and subsequent trades continued to break up.”
Tam said that fleets have been forced to hold onto their trucks longer because of supply-chain constraints.
“Will there eventually be a large influx of meaningfully older, higher mileage trucks into the secondary market?” he questioned. “And if so, what will happen to pricing? While no one knows for sure, we do expect an uptick, but not a flood, of this vintage of equipment.”
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.
