Preliminary Class 8 same dealer used truck retail sales volumes got a boost in May, rising 10% from April, ACT Research announced Wednesday.
Combined, the used truck industry saw preliminary same dealer auction, retail, and wholesale sales advance 19% month over month. Compared to April 2023, average retail price declined 3%. Miles declined 2% and age was flat. Compared to May of 2022, volumes increased 31%, and price declined 34%, with age and miles down 4% and 1%, respectively, ACT Research adds.
“As in April, the retail market’s performance fell between the auction and wholesale markets. Auction activity recovered nicely from April’s pullback, adding 32% month over month,” says Steve Tam, vice president at ACT Research. “Dealers remained conservative, but by a much narrow margin, with their activity off just 1% month over month in May.”
He adds, “The May preliminary average retail price (same dealer sales) of used Class 8 trucks continued its downward trek, falling 3.3% month over month to $63,900, 36% below the industry peak in April 2022. On a percentage change basis, the decline is in line with expectations.”