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ACT Research reported last week it saw preliminary used Class 8 retail sales volumes (same dealer sales) rise by 6 percent last month though price was down by that same 6 percent figure.
Sales volumes were also down 39 percent compared to June 2021. Pricing was up 50 percent year over year.
“Thankfully, fuel prices have begun showing signs of abating. However, inflation remains entrenched, with many economists expecting it to remain elevated for quite some time,” says Steve Tam, vice president, ACT Research. “While the spot freight market started slowing early in the year, contract freight has held reasonably steady. However, contract rates are starting to show signs of near-term softening. To be clear, they remain significantly higher than they were at this time last year.”
Average miles in June were down 1 percent and average age was up 3 percent. Those numbers were 1 and 12 percent higher, respectively, from June 2021, the company says.
“But looking ahead, the slowing market is inevitable,” Tam says, confirming what other data sources like J.D. Power reported last week. “Closely paralleling that are values in the used Class 8 commercial truck market. Volumes are a different story. U.S. used truck pricing moved sooner and to a greater degree in the auction and wholesale markets, giving those who live in the retail world a sneak peek as to where their market might be heading.”