Technology: Truckstop.com introduces Rate Insights spot market tool
Preliminary used Class 8 volumes (same dealer sales) rose 29% month-over-month and 31% y/y in March, according to ACT Research. Additionally, they were 21% higher on a year-to-date basis compared to this time last year, according to the latest preliminary release of the State of the Industry: U.S. Classes 3-8 Used Trucks published by ACT Research.
Other data released in ACT’s preliminary report included month-over-month comparisons for March 2021, which showed that average prices rose 6%, as average miles and age dropped 2% and 1%, respectively. Compared to March of 2020, average price was 33% higher, with average miles 6% lower y/y and average age down 1%.
“Underscoring the tight supply of freight hauling capacity, used truck sales enjoyed strong sequential growth in March,” said Steve Tam, vice president at ACT Research. “Early indications for new truck sales suggest commensurate improvements, and the higher new truck sales help to explain where used truck sellers are finding inventory, which has become increasingly scarce.
“The imbalance between the supply of and demand for trucks is the key to understanding what is happening in the pricing arena. It would appear as though dealers have quickly gotten comfortable with paying significantly more for trades than they were just a few months ago. And while they may not like it, buyers realize that if they want a truck, it is going to cost more in today’s environment. Given where freight rates are, truckers are in a better position to afford more expensive used equipment.”