Counter to expectations, ACT Research announced Thursday preliminary Class 8 same dealer used truck retail sales volumes continued to increase in May. ACT's preliminary estimate for May has volumes up 7.4%.
“Besides a soft freight environment, flat freight rates, and elevated borrowing costs, seasonality called for about a 6% decline,” says Steve Tam, vice president at ACT Research. “Auction volumes rebounded heartily from April’s post quarter-end hangover, adding 38% month over month in May. Wholesale activity floated higher, gaining 1.9% month over month.”
He adds, “May retail sales are typically six percentage points below normal. Second quarter sales tend to be pretty average, with June as the epitome of average. Sales are also usually unremarkable in July.”
