Preliminary used Class 8 same dealer sales volumes contracted 8 percent month-over-month in 2020’s third month, ACT Research announced Tuesday.
That volume total was up 5 percent compared to the same period last year and up 15 percent against the first three months of 2019. Price also held steady in March, down just 1 percent month over month; average age and miles were up 2 and 1 percent.
“In normal times, sales increase around 15 percent from February to March, but these are not normal times, and the disconnect is likely the result of COVID-19,” says Steve Tam, vice president, ACT Research. “Freight was relatively strong for a good portion of March, as retailers and grocers scrambled to restock empty shelves. With that work largely complete, freight is falling and used truck sales and prices are expected to do the same.”
He adds, “The economy is expected to descend into recession, if it has not already done so, and with uncertainty about virtually everything high, the well prepared will plan for the worst while hoping for the best.”