Used Class 8 retail sales dropped 19% in November

Used Class 8 retail sales dropped 19% in November

Longer term, average price and miles were higher y/y, with age up 7% y/y.

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 down 1%, with average price down 3% and age up 2%, m/m. Longer term, average price and miles were higher y/y, with age up 7% y/y.

ACT-Research-Used-Class-8-retail-sales-600-copy

“Used truck sales typically see a meaningful fall off in November when compared with October, so the decline was in line with expectations,” said Steve Tam, vice president, ACT Research. “Used Class 8 retail truck sales for November were also notably weaker for longer-term comparisons, falling both y/y and ytd.” 

Tam added, “Examining the other channels reveals some interesting variances. Near-term channel results show auction sales were up 46% compared to October, while wholesale activity softened 13% m/m. In total, the market was 3% lower in November than in October. We are expecting the total market to decline in 2022. Looking ahead to 2023, the market is expected to continue falling as inflation triggers a short, shallow general recession, concentrated in the manufacturing segment.”

You May Also Like

FTR: Class 8 orders down more than 30% month-over-month

Despite the substantial drop from February, FTR says the market is performing well, as March orders are on track with 2023.

FTR-March-24-Preliminary-Class-8-Net-Orders

FTR reported that Class 8 preliminary net orders for March came in at 18,200 units, down 34% from February and 4% below March 2023. Orders for the past 12 months have totaled 264,800 units. With March orders comparable to the March 2023 level, FTR says the market is still performing at a solid level.

FTR says March orders, like February’s activity, are consistent with the recent demand trend and are in line with seasonal expectations. After maintaining an average level of around 27,000 units for the last three months, FTR adds that orders appear to be slowing at a seasonally typical rate, while build slots continue to be filled at a healthy rate. “Despite weakness in the freight markets that has persisted for more than a year, fleets continue to be willing to order new equipment," says Eric Starks, FTR chairman of the board. "Order levels in March were below the historical average but remained in line with seasonal trends. Demand is not declining rapidly, but neither is the market doing significantly better than replacement level demand. Our expectation for replacement output by the end of this year is unchanged.”

A ‘Toward Zero’ emissions Q&A with Volvo Trucks’s Roger Alm

Talking through the challenges, the technological advances, and the strategies for a sustainable future.

Volvo-Trucks-roger-alm-world-volvo-sustainability-1400
ACT Research trailer report finds carriers with ‘reduced willingness to invest in equipment’

ACT Research says limited capex and companies saving money to meet EPA regulations are currently weighing on trailer demand.

ACT-Feb-24-Trailer-Net-Orders-Cancellations
Peterbilt offers Cummins X15N natural gas engine in Models 579, 567, 520

Orders are scheduled for production in Q3 of this year.

2024-cummins-X15N-Fuel-Agnostic-engine
Range Energy receives $23.5M in new financing for electric trailers

This recent funding follows the company’s $8M seed round from November 2022, bringing total funding to $31.5M.

Range-energy-trailer

Other Posts

S&P Global Mobility: U.S. commercial truck market beat expectations

According to new CV registrations in 2023, 45% of upfitted vehicles are being used as service/utility vehicles, or as dry freight vans.

Generic-commercial-vehicle-market-data-sp-global-mobility-upfitting
MEMA responds to finalized EPA Phase 3 standards

MEMA and its members welcome the EPA’s final rule for Greenhouse Gas Emissions Standards for Heavy-Duty Vehicles.

Mema-the-vehicle-suppliers-association-epa-phase-3-emissions-heavy-duty
The search is on: Returning initiative to reward military veteran driver with Kenworth T680

The competition is searching for America’s top rookie military veteran driver, who transitioned into trucking after military service.

Kenworth-T680-donated-transition-trucking-military-veterans
Full Truck Alliance releases 2023 fiscal report

FTA says y/y net revenues and fulfilled orders were up considerably, while its net income more than quadrupled from 2022.

transprotation-market-generic