December preliminary Class 8 same dealer used truck retail sales volumes finished 2024 strong, surging 23% m/m, according to the latest preliminary release of the State of the Industry: U.S. Classes 3-8 Used Trucks published by ACT Research.
“Looking back on 2024, measured progress seems like an appropriate description,” according to Steve Tam, Vice President at ACT Research. “The used market undoubtedly outperformed typical seasonality, which called for an increase of 8% m/m. Preliminary auction activity increased from November by 47%, while wholesale transactions improved 3.7%. Combined, sales were up 23% m/m.”
“One theory is that better-then-expected sales is buyers trying to time their purchases ahead of impending value increases,” Tam concluded.
State of the Industry: U.S. Classes 3-8 Used Trucks Report Overview
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). This report is utilized by those throughout the industry, including commercial vehicle dealers to gain a better understanding of the used truck market, especially as it relates to changes in near-term performance.
ACT Research Overview
ACT Research is recognized as the leading publisher of commercial vehicle truck, trailer, and bus industry data, market analysis and forecasts for the North America and China markets. ACT’s analytical services are used by all major North American truck and trailer manufacturers and their suppliers, as well as banking and investment companies. ACT Research is a contributor to the Blue Chip Economic Indicators and a member of the Wall Street Journal Economic Forecast Panel. ACT Research executives have received peer recognition, including election to the Board of Directors of the National Association for Business Economics, appointment as Consulting Economist to the National Private Truck Council, and the Lawrence R. Klein Award for Blue Chip Economic Indicators’ Most Accurate Economic Forecast over a four-year period. ACT Research senior staff members have earned accolades including Chicago Federal Reserve Automotive Outlook Symposium Best Overall Forecast, Wall Street Journal Top Economic Outlook, and USA Today Top 10 Economic Forecasters. More information can be found at www.actresearch.net.
Additional Resources
According to the latest State of the Industry: U.S. Classes 3-8 Used Trucks by ACT Research, the Class 8 average retail sale price ticked up $230 in November, translating into a 0.4% m/m bump.
“On a y/y basis, prices were 4.4% lower,” said Steve Tam, Vice President at ACT Research. “Prices are expected to remain stable at or around the current level for the next couple of months before transitioning to y/y growth in early 2025.”
“Same dealer Class 8 retail truck sales slowed in November, returning to the all-too-familiar pattern of decline. The 6.4% m/m decrease was better than the expected 18% seasonal contraction indicated by history. November is typically the weakest sales month of the year, running ten percent below average,” Tam explained.
Compared to October 2024:
- Average retail volumes decreased 8%.
- Retail price was flat.
- Miles was flat.
- And age increased 1%.
Compared to November 2023:
- Average retail volumes decreased 2%.
- Price declined 4%.
- Miles increased 1%.
- And age decreased 2%.
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