Preliminary used Class 8 retail volumes (same dealer sales) grew 4% month-over-month and ended 2021 with a 6% YTD increase, despite dropping 30% y/y in December, 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 December 2021, which showed that average prices rose 1%, as average miles grew 4% and average age rose 3% compared to November. Compared to December of 2020, average price was 67% higher, with average miles and age greater by 9% and 8%, respectively. On a year-to-date basis, average price is 42% above its year-ago level, with average miles and age each 1% higher YTD.
ACT’s Classes 3-8 Used Truck Report provides data on the average selling price, miles, and age based on a sample of industry data. In addition, the report provides the average selling price for top-selling Class 8 models for each of the major truck OEMs – Freightliner (Daimler); Kenworth and Peterbilt (Paccar); International (Navistar); and Volvo and Mack (Volvo).
According to Steve Tam, vice president at ACT Research, “Preliminary same dealer retail sales improved for the first time in three months in December, but still lag compared to their year-ago level. The month-over-month gain was muted compared to typical December activity, which is understandable in the context of insufficient inventory.”
Tam continued, “Despite the current softness, preliminary retail sales suggest the market improved by 10% compared to 2020. The gain is not only a reflection of how challenging 2020 was, but also a commentary about how resourceful the industry can be, as it pulled out all the stops to keep the wheels of commerce rolling, regardless of the challenges COVID still presents.”