Preliminary used Class 8 volumes (same dealer sales) dropped 20% month-over-month in November, but are 18% higher year-to-date compared to the first 11 months of 2019, according to the latest preliminary release of the State of the Industry: U.S. Classes 3-8 Used Trucks published by ACT Research. Compared to November of 2019, volumes gained 32%.
Other data released in ACT’s preliminary report included month-over-month comparisons for November 2020, which showed that average prices increased 9%, while average miles dropped 2% and average age was 3% lower, compared to October. Year-to-date, average price, miles, and age were all lower, down 8%, 3%, and 8%, respectively, compared to the first 11 months of 2019.
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.
According to Steve Tam, Vice President at ACT Research, “Other than the preliminary used Class 8 sales volume contraction, there wasn’t much not to like about the used truck market in November.” He continued, “Our preliminary used truck dashboard revealed a lot of positive data, and the drop in sales was consistent with typical seasonality. That said, because of November’s softness, December volumes typically enjoy a strong sequential rebound.”
Tam added, “Generally speaking, the freight markets are still quite robust, which bodes well for continued sales and price gains for the used truck industry. Capacity is still being constrained by drivers sidelined directly or indirectly by COVID-19.”
