COLUMBUS, Ind. — Preliminary Class 8 same dealer used truck retail sales volumes contracted 4.4% in July, according to the latest preliminary release of the State of the Industry: U.S. Classes 3-8 Used Trucks published by ACT Research.
Compared to June 2023, average retail price declined 4%, while miles and age both declined 2%, according to ACT.
Compared to July of 2022, volumes improved by 34%, while price declined 28%, miles declined 4%, and age declined 9%.
According to Steve Tam, vice president at ACT Research, “Following three months of being bookended, retail sales handily outsold auctions and wholesalers.” He continued, “Auction activity pulled back 48% month-over-month from its usual end-of-quarter spike. Dealers increased their conservatism in July, with wholesale transactions down 36% month-over-month in July. In total, the used truck industry saw preliminary same dealer sales fall 31% month-over-month.”
Tam concluded, “Historically, July is the fourth slowest sales month of the year, about 5% below average, pretty much explaining all the losses the industry experienced in June.”
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