Retail used truck market contracts in October

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Updated Nov 16, 2023
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Early data shows October was another tough month for the retail used truck sector

ACT Research reported Wednesday preliminary Class 8 same dealer used truck retail sales volumes were down 10% month over month in October. Average retail price and age were flat, with miles up 1%. Comparing to September 2022, ACT Research states volumes increased 27%, but price, mile, and age saw declines.

[RELATED: ACT Research's Tam says used market trough won't last forever]

“The gain in retail volumes stood in stark contrast to the other channels. Auctions were 62% lower month over month, while wholesale transactions fell 15% month over month,” says Steve Tam, vice president at ACT Research. “In total, the used truck industry contracted, with preliminary same dealer sales dropping 38% month over month.”

He adds, “Historically, October is the best sales month of the year, averaging 9% above normal and 3.4% higher than September. However, shifting auction volumes are rapidly impacting overall seasonality.”

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