COLUMBUS, IN – 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 same dealer sales volumes were up 24% year-to-date against the first nine months of 2019, with average price, miles and age all below September 2019 ytd rates, down 14%, 2%, and 9%, respectively. Near term, the report also indicated that used Class 8 sales volumes rose, up 3% sequentially, with average price rising 2% month-over-month. Average miles and age were both flat compared to August.
The report from ACT 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.
“Input from dealers with whom we communicated over the past month confirms that the recovery in the market remains on track, though it is showing some signs of slowing,” said Steve Tam, Vice President at ACT Research. He continued, “Surprisingly bullish new truck buyers and used truck customers showing a marked increase in interest are taking advantage of situational circumstances.” Tam added, “At the beginning of the pandemic, the industry cut loose more than 100,000 for-hire truck drivers, and because the overwhelming majority of them have yet to return to work, capacity is artificially being squeezed; there is too much freight from consumers’ transition from services to goods, but not enough drivers.”
Additionally, ACT Research recently announced plans for a new multi-client study focusing on electrification of the commercial vehicle industry to be released in 2021. The scope of the study will include unit sales for the US and Canada, annually from 2020 to 2030, with single-year outlooks for 2035 and 2040. Class 8 truck and Classes 4-7 truck and bus segments will be considered, with additional segmentation encompassing step vans, conventional and low cab forward trucks, RV, school bus, yard spotter, transit bus categories, as well as the Class 8 straight, day cab, and sleeper subcategories. Our research will compare purchase and operational costs for diesel, battery, fuel cell, and hybrid powertrains in a rigorous comparative total cost of ownership (TCO) framework. It will also take into account concerns, such as infrastructure requirements and costs, regulation, and issues including maintenance, range, durability and vehicle and component replacement. For more details about how to participate in this study, including a full prospectus, contact Ian McGriff at firstname.lastname@example.org or click here to let us know of your interest.
ACT Research is recognized as the leading publisher of commercial vehicle truck, trailer, and bus industry data, market analysis and forecasts for the North America and China markets. ACT’s analytical services are used by all major North American truck and trailer manufacturers and their suppliers, as well as banking and investment companies. ACT Research is a contributor to the Blue Chip Economic Indicators and a member of the Wall Street Journal Economic Forecast Panel. ACT Research executives have received peer recognition, including election to the Board of Directors of the National Association for Business Economics, appointment as Consulting Economist to the National Private Truck Council, and the Lawrence R. Klein Award for Blue Chip Economic Indicators’ Most Accurate Economic Forecast over a four-year period. ACT Research senior staff members have earned accolades including Chicago Federal Reserve Automotive Outlook Symposium Best Overall Forecast, Wall Street Journal Top Economic Outlook, and USA Today Top 10 Economic Forecasters. More information can be found at www.actresearch.net.