ACT Research: U.S. Class 8 Sales Volume Decreases 24% Y/Y in October
NOV 17, 2021 - 6:24 am
According to the preliminary release of ACT Research’s State of the Industry: U.S. Classes 3-8 Used Trucks report, used Class 8 volumes (same dealer sales) decreased 3% month over month and 24% year over year in October. However, through the first 10 months of the year, activity was 4% higher compared with the same period a year ago.
Other data released in ACT’s preliminary report included month-over-month comparisons for October 2021, which showed that average prices rose 3%, as average miles and age each increased 1% compared with September. Compared with October 2020, average price was 67% higher, with average miles and age greater by 3% and 5%, respectively. On a year-to-date basis, average prices were 48% above their year-ago levels for the first 10 months of 2020, with average miles down 2% and age unchanged on a year-to-date basis.
“Despite preliminary same dealer sales slipping into contraction territory on a month-over-month basis, the unusual, on a seasonal basis, sequential softness held no sway over the longer-term year-to-date comparison, which edged higher,” Steve Tam, vice president at ACT Research, said. “The industry’s ability to outpace 2020, albeit by a small margin, is nothing short of miraculous given all the challenges used truck sellers have faced this year. In the context of the lowest level of inventory the industry has probably ever seen, dealers have pulled out all the stops in an effort to provide buyers with as many units as humanly possible.
“However, since dealers are still not able to meet the voracious demand, used truck prices continued on their upward trek in October. Given the dynamics of underlying fundamentals, namely freight and freight-hauling capacity, prices are likely to continue climbing higher in the near term.”
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