In this uneven economic year, the used truck market just can't get off the ground.
ACT Research announced Wednesday preliminary Class 8 same dealer used truck retail sales volumes suggest buyers tightened their belts in September, down 5% from August. Compared to August 2023, average retail price was flat, while miles and age declined 4% and 3%, respectively. Compared to September of 2022, volumes, price, miles, and age declined, ACT Research adds.
“The slowing in retail sales volumes was consistent with and fell between the performance of the other channels. Auctions were 18% lower month over month, while wholesale transactions slipped 4.0% month over month,” says Steve Tam, Vice President at ACT Research. “Historically, September is the fourth-best sales month of the year, running 6% above average and about 2.5% lower than August. The decline, while larger than expected, is both surprising and a bit of a conundrum.”
[RELATED: Trailer orders leapt forward in September]
Tam notes “disparity can and often does exist between average and actual individual results. While some dealers see volumes and prices rising, others are experiencing a very different reality, with soft sales volumes and even weaker pricing. While accepting the difference may be challenging, understanding it and developing an actionable plan to minimize or reverse it is a worthwhile pursuit.”