ACT Research: Used Class 8 Trucks Retail Volume Rises in August
OCT 3, 2022 - 7:40 am
According to the latest release of the State of the Industry: U.S. Classes 3-8 Used Trucks, published by ACT Research, used Class 8 retail volumes were up 29% month-to-month. Average price was down 6%, with average miles and age up 4% and 1%, respectively, mont-to-month. Longer term, average price was higher year-to-year and year-to-date, as were average miles and age, with price up 64% year-to-date August, average miles 4% higher compared to the first eight months of 2021 and average age 3% older for the same time period.
“Same dealer retail sales of used Class 8 trucks popped in August, jumping 29% month-to-month,” Steve Tam, VP at ACT Research, said. “Used truck sales usually see a nice bump between July and August, but the level of sales exceeded expectations. Harkening back to comments in a previous report, new truck production is the most likely catalyst for the out-sized increase.
“Looking ahead, the OEMs were unable to maintain June’s level of output in July, so used truck sales in September are likely to return to trend,” Tam said. “However, August new truck production was also elevated, so October used truck sales should see some meaningful gains. For what it is worth, that basic pattern also follows historical seasonality, though this year is likely to see higher highs and lower lows, given ongoing constraints.”
Like this story? Begin each business day with news you need to know! Register now for FREE Daily E-News Broadcast and start YOUR day informed!
Joe Nachbin’s passion for equipment finance was so strong, he remained dedicated to his work until two hours before he passed away in July 2022, according to his wife, Ruby Nachbin. Attorney and investment banker, Paul Bent, senior managing director... read more
Believing in the leadership motto, “Learn more, inspire more, do more,” Ricardo E. (Ricky) Rios, chief operating officer of Commercial Equipment Finance, also models his life after it. Following his passion for self-development, Rios has taken Commercial Equipment Finance to... read more