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The used truck industry, particularly in the Class 8 segment, experienced an unusual contraction in October, deviating from typical seasonal trends. Despite a month-over-month increase in retail sales volumes by 10%, indicating a keen interest from buyers in lower prices, the overall industry faced a downturn.
In comparison with September 2023, the average retail price and age of used trucks remained stable, with only a slight 1% increase in miles. However, when looked at year-over-year, the picture changes significantly. Volumes saw a 27% increase from October 2022, but there were noticeable declines in price, miles, and age.
Steve Tam, Vice President at ACT Research, highlights the contrasts within the market. “While retail volumes saw a gain, other channels like auctions and wholesale transactions experienced significant drops,” he notes. Auctions fell by 62% month-over-month, and wholesale transactions decreased by 15%. The total effect was a 38% month-over-month drop in the same dealer sales, a striking contrast to the historical trend where October typically sees a spike in sales.
Tam’s observation points to a rapidly changing landscape in the used truck industry, particularly in how auction volumes are influencing overall market seasonality.
ACT Research’s report on Classes 3-8 Used Trucks is a critical tool for industry players, offering detailed insights into the average selling prices, miles, and age of used trucks. The report also provides specific data on top-selling Class 8 models from major truck OEMs, assisting dealers and stakeholders in understanding market dynamics and near-term performance changes.
As a leading authority in commercial vehicle data and market analysis, ACT Research’s findings and forecasts are integral to strategy formulation for manufacturers, suppliers, and investment entities in the North American and Chinese markets.
The contraction of the used truck industry in October, against typical seasonal patterns, suggests a shifting dynamic in the market. With the detailed insights provided by ACT Research, industry stakeholders can navigate these changes more effectively, adapting to the evolving market conditions that influence the used truck landscape.
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