ACT Research: October Used Class 8 Volumes Remain Up YTD
NOV 30, 2020 - 7:18 am
According to the latest release of the State of the Industry: U.S. Classes 3-8 Used Trucks report from ACT Research, 2020 used Class 8 same dealer sales volumes were up 20% year to date against the first 10 months of 2019, with average price, miles and age down 11%, 2% and 8%, respectively, compared with October 2019 year-to-date rates. In the near term, the report indicated that used Class 8 sales volumes and average miles were down 4% and 1% month over month, respectively, while average age was flat sequentially and average price rose 6% compared with September.
The report from ACT 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 Class 8 models for each of the major truck OEMs, including Freightliner (Daimler); Kenworth and Peterbilt (Paccar); International (Navistar); and Volvo and Mack (Volvo).
“Input from dealers with whom we communicated over the past month confirms that the recovery in the market remains on track, though it is showing some signs of slowing,” Steve Tam, vice president at ACT Research, said. “At the beginning of the pandemic, the industry sidelined more than 100,000 for-hire truck drivers, artificially tightening capacity. The two catalysts of solid freight growth and unproductive trucks have conspired to drive spot freight rates to record levels, and this, in turn, has attracted a higher-than-expected number of buyers to the used truck market, yielding higher sales and selling prices.”
Steve O’Leary and Tim Conway, now CEO/president and chairman of Clarus Capital, respectively, began their business partnership at NewStar Financial, where Conway was founder and CEO and O’Leary was the architect of the company’s equipment finance business. O’Leary enjoyed his... read more
Over the last two years, the skills of independent equipment finance companies have been tested. To learn about the strategies independents are using to succeed, Monitor spoke with leaders from Liberty Commercial Finance, GreatAmerica Financial Services, Financial Partners Group and... read more