ACT: April Used Class 8 Volumes Down 8% M/M and 5% Y/Y, Up 10% YTD
MAY 14, 2020 - 6:35 am
Preliminary used Class 8 volumes contracted 8% month-over-month in 2020’s fourth month, according to the latest preliminary release of the State of the Industry: U.S. Classes 3-8 Used Trucks published by ACT Research. Longer-term, volumes fell 5% compared to April 2019, but remained 10% above the first four months of last year.
“Our first reaction to the unit sales data was one of surprise that the market held up as well as it did in April,” said Steve Tam, vice president at ACT Research. “With the month’s sales being the first to be meaningfully impacted by COVID-19, many expected significant weakness. One possible explanation is that buyers in search of inexpensive trucks helped support sales in the otherwise soft market.”
Other data released in ACT’s preliminary report included month-over-month comparisons for April 2020, which showed that average prices were down 8%, while average miles were flat and average age increased 2% compared to March. Year-to-date, average price, miles, and age were all lower, down 20%, 2%, and 5%, respectively, compared to the first four months of 2019.
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). This report is utilized by those throughout the industry, including commercial vehicle dealers to gain a better understanding of the used truck market, especially as it relates to changes in near-term performance.
Additionally, ACT Research has created an easily accessible COVID-19 MARKET WATCH webpage to track noteworthy high frequency macroeconomic and transportation-specific market indicators.
This issue of Monitor celebrates the next generation of leaders in the equipment finance industry. These rising stars see the world in a fresh light, adapt to new technology quickly and challenge the status quo. But what attracts younger employees... read more
Equipment leasing and financing companies play a vital role in the U.S. economy by providing businesses of all sizes with much-needed financing options for acquisitions of equipment used in their business operations. As the COVID-19 pandemic has effectively shut down... read more