ACT Research confirmed the November dip in the retail used truck market last week.
The company announced Friday in its State of the Industry: U.S. Classes 3-8 Used Trucks report that used Class 8 retail volumes (same dealer sales) were down 19 percent month over month. Average mileage and price was down 1 and 3 percent, respectively, while age rose by 2 percent. On an annual basis, price and miles were higher year over year and age was up 7 percent.
“Used truck sales typically see a meaningful fall off in November when compared with October, so the decline was in line with expectations,” says Steve Tam, vice president, ACT Research. “Used Class 8 retail truck sales for November were also meaningfully weaker for longer-term comparisons, falling both year over year and year to date.”
He adds, “Examining the other channels reveals some interesting variances. Near-term channel results show auction sales were up 46 percent compared to October, while wholesale activity softened 13 percent month over month. In total, the market was 3 percent lower in November than in October. We are expecting the total market to decline in 2022. Looking ahead to 2023, the market is expected to continue falling as inflation triggers a short, shallow general recession, concentrated in the manufacturing segment.”