ACT Research reported Monday its preliminary used Class 8 volumes (same dealer sales) increased 21 percent month over month in February. The company also reported volumes rose by 24 percent year over year and 12 percent year to date.
ACT adds average price, miles and age also all dropped last month, falling 3, 2 and 4 percent, respectively.
“Although same dealer sales rose 21 percent from January, it is important to keep in mind that most of February’s activity was likely unaffected by COVID-19,” Steve Tam, vice president, ACT Research. “Seasonality accounts for about half of the sequential increase, and the catalyst for the remainder of the gain is elusive, but may be the result of the continued drop in prices.”
Commenting on the COVID-19 impact to this market, Tam says the recent cancellation of events, ranging from public school and university classes to college and professional sporting events to industry trade shows, is expected to have a chilling effect on the economy and by extension, the truck industry.
“Besides washing your hands, the best advice is to closely monitor this incredibly fluid situation,” he says.