Used truck market declined in July

Used truck market declined in July

Compared to June 2023, average retail price declined 4%, while miles and age both declined 2%.

According to the latest preliminary numbers from ACT Research, Class 8 same dealer used truck retail sales volumes contracted by 4.4% in July. Compared to June 2023, average retail price declined 4%, while miles and age both declined 2%. Compared to July of 2022, volumes improved by 34%, while price declined 28%, miles declined 4%, and age declined 9%.

“Following three months of being bookended, retail sales handily outsold auctions and wholesalers,” said Steve Tam, vice president at ACT Research. “Auction activity pulled back 48% m/m from its usual end-of-quarter spike. Dealers increased their conservatism in July, with wholesale transactions down 36% m/m in July. In total, the used truck industry saw preliminary same dealer sales fall 31% m/m.”

Tam’s conclusion was that July typically ranks as the fourth slowest sales month annually, marking a roughly 5% dip from the average. This largely accounts for the industry’s losses encountered in June.

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