ACT Research: Used Class 8 Retail Sales Rebounded Strongly in August
SEP 29, 2023 - 6:20 am
According to the latest State of the Industry: U.S. Classes 3-8 Used Trucks, published by ACT Research, used Class 8 retail sales rebounded strongly, as expected, from July’s misstep, advancing 12% month over month in August. Average mileage decreased 1%, while average price and age were both flat. Longer term, average volumes jumped 3%, price dropped 26%, and miles and age both fell 4%.
“Seasonally, August is the second-best sales month of the year, exceeded only by October. Auction sales also improved in August but recouped only a portion of the decline they saw in July. Wholesales rounded out the upbeat August market, with dealers trading 46% more trucks compared to July,” Steve Tam, vice president at ACT Research, said. “Combined, the total market volume swelled 15% month over month in August.”
The curtain has been pulled back a bit regarding the handling of the disposal of transportation equipment from bankrupt Yellow. Like the liquidation of their terminals, the company overseeing the shutdown is actively seeking buyers for the trucks and trailers. Bids for interested buyers are due by October 13.
“While estimates vary, the company owns approximately 12,000 tractors (primarily Class 8 day cabs) and 35,000 trailers. A sizable chunk of tractors was acquired within the past couple years,” Tam said. “These late model, low mileage units will probably never see a used truck dealers’ lot or the auction block. This will help to prevent the accelerated depreciation that would have hit had the trucks flooded the secondary market.”
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