Used Class 8 truck volumes exceeded seasonal expectations in March

Used Class 8 truck volumes exceeded seasonal expectations in March

When compared to March 2022, the retail and wholesale markets declined by -13% and -40%, respectively.

According to the latest State of the Industry: U.S. Classes 3-8 Used Trucks, published by ACT Research, used Class 8 retail volumes (same dealer sales) jumped 18% month-over-month in March. Average mileage declined by 5%, with average price up 4% and age down 2%. Longer term, average price, age, and volumes were lower, with miles higher year-over-year.

“Same dealer Class 8 retail truck sales continued their topsy-turvy run in March, jumping 18% from February. Granted, sales normally experience a boost in March, but the increase is usually smaller, about 12%,” said Steve Tam, vice president at ACT Research. “The litmus test will come next month, with history indicating sales typically decrease around 10% from March.”

According to Tam, the total market combined rose 44% in March compared to February. When compared to March 2022, the retail and wholesale markets declined by -13% and -40%, respectively. The reductions more than counter-weighed by the gain in the auction channel (+48%), resulting in a total market improvement of 4% y/y.

“As the year progresses, the year-to-date scenario continues to diverge from y/y performance,” Tam concluded. “The overall market held onto a narrow gain [+1%]. Our best estimate suggests that inventory continues to increase, supporting buyers working to refresh their used truck fleets. Units are flowing from both increased new truck purchases/trades, as well as owners exiting the market. The most recent fleet bankruptcy data available show failures have increased but remain well below historical levels.”

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