According to the latest release of the State of the Industry: U.S. Classes 3-8 Used Trucks, published by ACT Research, used Class 8 retail volumes (same dealer sales) were down 19% m/m. Average mileage was flat, with average price down 2% and age up 5%, m/m. Longer term, average price and miles were higher y/y, with price up 15% y/y.

“Same dealer retail sales of used Class 8 trucks fell in September, shedding 19% m/m,” said Steve Tam, vice president, ACT Research. He continued, “Used truck sales typically see a moderate increase in October, relative to September, so the decline was counter to expectations. Used Class 8 retail truck sales for October were meaningfully weaker for longer-term comparisons.”

Tam added, “The near-term drop may foreshadow further softening of demand brought on by a general economic slowdown. We believe broader weakness will be led, at least in part, by reduced manufacturing output and the resultant reduction of freight.” He concluded, “Supply conditions appear to be improving, albeit, at the margin. New truck production rates have been higher in the past several months, as has sales activity. There also appears to have been a corresponding uptick in the number of used trucks in inventory.”