Class 8 used truck same dealer sales volumes last month rose 43 percent over September, a surge ACT Research largely believes is an anomaly.
The October surprise follows a five percent month-over-month loss in September, according to ACT’s State of the Industry: U.S. Classes 3-8 Used Trucks. Longer term, sales were up seven percent year over year, but down 17 percent year to date compared with the first 10 months of 2018.
“Despite the pop in sales … most dealers are reporting lagging used truck sales; at the same time, inventories are continuing to build,” said Steve Tam, ACT vice president.
The report also indicates used Class 8 average miles increased month-over-month (4 percent) and were virtually flat year to date, while average age inched up one percent compared with September, but rose four percent on a year-to-date basis. Average price also shed 13 percent month over month, while growing three percent year to date.
“The two forces are conspiring to drive prices down and creating a buyer’s market.” Tam says. “Prices have reached a point that is attractive enough to some buyers who are looking to upgrade their fleets to make a purchase decision, while fleets who have been holding onto trucks that they no longer need are making these trades available for purchase as freight softens.”