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According to the most recent edition of ACT Research’s State of the Industry: U.S. Classes 3-8 Used Trucks, the average retail sale price for Class 8 trucks took a hit in September, reversing the upward trend seen in August. This price drop amounted to a 5.2% month-over-month decline.
A glance at the accompanying chart from ACT Research, titled "ACT's Used Class 8 Retail Summary," illustrates this shift clearly. While the overall trend remains a topic of discussion, ACT Research anticipates that these lower price levels will persist through 2024, with year-over-year growth potentially resuming in early 2025. Steve Tam, Vice President at ACT Research, stated, "Prices are expected to stabilize around this current lower range, marking a notable adjustment from previous years."
In terms of sales volume, the same dealership network saw a slight dip in Class 8 retail truck sales during September. This 2.3% decline aligns closely with historical seasonal patterns, which typically show a 2.7% slowdown during this time of year. September is generally considered the third-strongest sales month of the year, usually exceeding the monthly average by about six percent. However, the wholesale segment mirrored this trend, experiencing a 10% drop in transaction volumes compared to August. On the other hand, auction volumes experienced an uptick, increasing by 34% month-over-month, which is consistent with the usual pattern observed in the third month of any given quarter. When combining the retail, wholesale, and auction channels, total market same-dealer sales volume increased by 12% month-over-month in September.
The Classes 3-8 Used Truck report by ACT Research offers valuable insights into the used truck market, providing data on average selling prices, mileage, and age based on industry samples. Additionally, the report highlights the average selling price for top-selling Class 8 models from major truck Original Equipment Manufacturers (OEMs), including Freightliner (Daimler), Kenworth and Peterbilt (Paccar), International (Navistar), and Volvo and Mack (Volvo). This report serves as a critical resource for stakeholders across the industry, particularly commercial vehicle dealers, who rely on it to better understand market dynamics and anticipate short-term shifts.
ACT Research has established itself as the go-to source for commercial vehicle data, market analysis, and forecasts for both North America and China. Its reports are utilized by key players in the truck and trailer manufacturing sectors, along with their suppliers, financial institutions, and investment firms. ACT Research contributes to the prestigious Blue Chip Economic Indicators and is a member of the Wall Street Journal Economic Forecast Panel. ACT Research executives have received numerous accolades, including election to the Board of Directors of the National Association for Business Economics, appointment as Consulting Economist to the National Private Truck Council, and recognition for the most accurate economic forecast over a four-year period in the Lawrence R. Klein Award. Senior staff members have also been honored with awards such as the Chicago Federal Reserve Automotive Outlook Symposium Best Overall Forecast and the Wall Street Journal Top Economic Outlook. For more information, visit www.actresearch.net.