Truck dealers were eager to move used equipment as the year closed in December and customers responded positively, ACT Research reported this week.
Preliminary Class 8 same dealer used truck retail sales volumes jumped 22% month over month in December, "significantly more than normal seasonality would suggest," ACT Research stated Tuesday.
Compared to November 2023, ACT says average retail price increased 1%, while miles and age declined 2% and 3%, respectively. Compared to December 2022, volumes increased 40%, but price, miles, and age declined.
[RELATED: Flat freight market keeps dealers’ expectations low for 2024]
“Auction volumes were 47% higher month over month, while wholesaler transactions jumped 9% month over month. In total, the used truck industry advanced, with preliminary same dealer sales accelerating 34% month over month,” says Steve Tam, vice president at ACT Research. “December sales are historically close to average and see an eight-percentage point gain from November. Framed in that context, used truck demand seems solid.”
But Tam also notes, “Look for sales to slow in January, especially with the bitter cold some of trucking’s hot spots are experiencing.”
