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.”
