ACT Research: US Used Truck Sales Volumes Lag in April
MAY 17, 2022 - 7:11 am
Preliminary used Class 8 volumes (same dealer sales) fell 40% month-over-month, and were 33% lower compared to April of 2021, according to the latest preliminary release of the State of the Industry: U.S. Classes 3-8 Used Trucks published by ACT Research.
Other data released in ACT’s preliminary report included month-over-month comparisons for April 2022, which showed that the average retail price rose 10%, as average miles and age were both lower, down 5% and 6%, respectively, from March. Compared to April of 2021, the average retail price was 77% higher, with average miles and age greater by 3% and 7%, respectively.
“In the inventory-challenged world used truck buyers and sellers find themselves these days, it should come as no surprise that sales volumes fell in April,” Steve Tam, vice president at ACT Research, said. “March’s gains (+53%) came on the heels of the strong December new truck sales market (+49%). Looking back at January new truck sales (-39%), is it any wonder that April preliminary used truck sales were off a corresponding percentage (-40%)?”
“The preliminary average retail selling price for Class 8 trucks eked out another record in April, and prices were unaffected by miles and age, which were up for all time period comparisons, yet another signal of the stale and lingering imbalance between supply and demand,” Tam said. “Looking ahead, if April is not the peak for prices, then the zenith cannot be far off. Slowing freight and freight rates confirm the assertion.”
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.