According to the latest preliminary release of the State of the Industry: U.S. Classes 3-8 Used Trucks report published by ACT Research, preliminary Class 8 same dealer used truck retail sales volume managed a small gain, rising 2% month to month in February. The small improvement paled in comparison to the 233% sequential increase in auctions sales and a 55% jump in wholesale transactions. Combined, the used truck industry experienced a preliminary same dealer sales increase of 49% month to month.
Compared to January 2023:
- Average retail volumes increased 2%
- Retail price declined 3%
- Miles were flat
- Age declined 3%
Compared to February 2022:
- Average retail volumes declined 20%
- Price declined 24%
- Miles increased 3%
- Age declined 2%
“Traditionally, February is not a particularly robust month for sales, but the cycle seems to keep finding ways to extend itself just a little further.” Steve Tam, vice president at ACT Research, said. “As new truck sales have slowed in January and February, it is safe to assume used truck volumes will follow suit in the next few months.
“As expected, declines are becoming progressively more negative. This is the result of the fact that prices increased in early 2022, reaching their zenith in April. While the retail market held up reasonably well in February, the preliminary average sale price for all units, including auction and wholesale transactions, fell an astounding 20% month to month.”
