Preliminary used truck sales volumes were back down in July after a stronger June, ACT Research reported in its State of the Industry: U.S. Classes 3-8 Used Trucks report this week.
ACT says its early research indicates same dealer sales contracted by 4.4% month over month. Also month over month, pricing was down 4% while age and mileage were down 2%. Compared to July 2022, volumes were up 34%, while price declined 28%, miles declined 4% and age declined 9%.
ACT Research Vice President Steve Tam says retail sales were responsible for a lot of used truck movement.
"Following three months of being bookended, retail sales handily outsold auctions and wholesalers. Auction activity pulled back 48% month over month from its usual end-of-quarter spike. Dealers increased their conservatism in July, with wholesale transactions down 36% month over month in July. In total, the used truck industry saw preliminary same dealer sales fall 31% month over month," he says.
"Historically, July is the fourth slowest sales month of the year, about 5% below average, pretty much explaining all the losses the industry experienced in June," he adds.
