According to commercial truck analysts from NADA Used Guide, a division of J.D. Power and Associates, slow wholesale commercial truck auction volume during January has led to high-volume selling in February.

“The volume of commercial trucks sold at the nation’s two largest no-reserve auction companies shook up the market last year, and the industry continues to adapt to this new normal,” said Chris Visser, senior commercial truck analyst at NADA Used Car Guide. “January was a very slow month for auction, wholesale, and retail sales, but February returned to high auction volume. We’re keeping an eye on auction trends as we move through the remainder of the quarter.”

In terms of pricing, 3-5 year-old sleeper tractors lost about 20% of their value from Q3/15 to Q4/15 due to this volume increase. Depreciation is expected to average roughly 4% per month this year, as opposed to around 2% last year.

December’s pricing was essentially unchanged from November’s on average, and it looks like January’s was down moderately. Analysts also reveal in the report that dealers continue to protect retail value by holding onto trucks that can bring stronger money.

The report concludes the industry is becoming more accustomed to the new normal of high volume. The invisible hand of supply and demand is defining pricing at new levels.