Truck orders see large jump in November

Tps Logo Online Headshot
Updated Dec 11, 2023
Truck plant image

FTR reported Monday Class 8 preliminary net orders for November came in at 36,750 units, up 32% from October and 2% year over year. ACT Research's preliminary estimate was even higher at 41,700 units, up 9,000 units from October and year over year.

FTR states its comparisons fell within expectations given seasonal tendencies and the considerable year over year decrease during October. The company says total Class 8 orders for the previous 12 months have equaled 255,500 units, and build slots continue to be filled at a healthy rate.

FTR notes the slight year over year increase in orders in November shows a market that is still performing at a high level historically. ACT says the month was the market's best since October 2022.

[RELATED: Finalists named for ATD's 2024 Truck Dealer of the Year]

“We also saw a more cohesive market for OEMs versus October with the majority seeing increases in orders,” says Eric Starks, FTR chairman of the board. “Despite prolonged weakness in the overall freight market, fleets continue to be willing to order new equipment. Order levels were above the historical average but continue to follow seasonal trends, stabilizing our expectations for replacement demand in 2024.”

“A modest seasonal factor presses down gently this month, with seasonal adjustment dropping November’s seasonally adjusted intake to 40,100 units, making November the best ‘real’ order month since September 2022,” adds ACT President and Senior Analyst Kenny Vieth, 

“Since the filling of 2024’s order boards began in earnest in September, Class 8 orders have been booked at a 413,000 seasonally adjusted annual rate. Even though backlogs, in seasonal fashion, are rising, they continue to point to a different market vibe heading into 2024: Still good, for sure, but solid, rather than stellar.”

Learn how to move your used trucks faster
With unsold used inventory depreciating at a rate of more than 2% monthly, efficient inventory turnover is a must for dealers. Download this eBook to access proven strategies for selling used trucks faster.
Used Truck Guide Cover