Preliminary Class 8 same dealer used truck retail sales declined 2.9% M/M in July, according to the latest preliminary release of the State of the Industry: U.S. Classes 3-8 Used Trucks published by ACT Research.
“The decline was larger than expected based on historical seasonality, which called for about a 0.5% M/M decrease. Auction sales shed 11% M/M, noticeably less than the typical post-quarter end drop. The wholesale segment settled between the other two channels, contracting 4.1% M/M,” Steve Tam, vice president at ACT Research, said. “Total reported preliminary sales wrapped up July 5.7% lower M/M. Considering the spot freight market appears to have hit a ceiling in July, reduced used truck sales are not surprising.”
Tam concluded, “The preliminary average retail price (same dealer sales) of used Class 8 trucks stutter stepped in July, flagging 4.4% M/M at $61,000. Pricing softened more than seasonal expectations, which called for a little over a 1% reduction.”
