While August’s preliminary Class 8 same dealer used truck retail sales volumes disappointed, September’s results provided a high-side surprise (11% 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.
“Underlying fundamentals have not changed perceptibly since August. Spot freight and freight rates, along with still high but improving interest rates, appear to have been sufficient enough to entice truck buyers. Seasonality called for an increase of about 2% m/m,” according to Steve Tam, Vice President at ACT Research. “Preliminary auction activity declined from August (-60%), as did wholesale transactions (-18%). Altogether, sales fell 9.4% from August.”
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 used Class 8 average retail sale price built on July’s progress in August, climbing 4.6% m/m to $58,350.
“On a y/y basis, prices were 9.5% lower. Prices are expected to remain stable at or around this lower level through 2024, transitioning to y/y growth in early 2025,” said Steve Tam, Vice President at ACT Research.
“Same dealer Class 8 retail truck sales faltered in August, returning to a pattern of slowing. The 7.7% decrease was counter to the ten-percentage point seasonal improvement indicated by history. August is typically the second-best sales month of the year, running almost nine percent above average. Both the auction and wholesale segments saw volumes increase compared to July, up 21% and 4.4%, respectively. Altogether, total market same dealer sales volume rose 4.0% m/m in August,” Tam explained.
Compared to June 2024:
- Average retail volumes increased 15%.
- Retail price increased 2%.
- Miles increased 2%.
- And age decreased 1%.
Compared to July 2023:
- Average retail volumes increased 6%.
- Price declined 14%.
- Miles increased 1%.
- And age was flat.
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