The used truck market contracted again in September, ACT Research reported Tuesday, the second consecutive reduction in what has been overall a strong year.
ACT reports preliminary same dealer retail sales of used Class 8 trucks were down 7% by volume and 2% by price last month. In other channels, the company says auction sales surged 28% and wholesale transactions slipped by 6% from August.
Overall, ACT reports total preliminary sales across all channels were up 6% sequentially, signaling that demand for used trucks remains fundamentally solid despite mixed results by channel.
“While tighter inventories have been a persistent theme, it’s clear that higher interest rates and ongoing challenges in the driver pool and fuel costs are also influencing the used truck market,” says Steve Tam, vice president at ACT Research. “Despite these headwinds, the sequential uptick in total sales and continued strength in freight activity suggest that underlying demand for used equipment remains resilient.”
ACT states the preliminary average retail price for same dealer sales of used Class 8 trucks in September softened more than seasonally expected, dipping 1.5% from August to $61,000. Pricing in both auction and wholesale markets also contracted, with the combined preliminary average sale price for all units dropping 7.1% month-over-month, the company notes.
