Trucking news and briefs for Thursday, Sept. 28, 2023:
While used truck prices were flat from July to August, they are down 26% from August 2022.ACT Research
ACT reported that retail sales volumes jumped 12% in August, while average mileage on trucks sold fell by 1%. Average price and age were both flat.
Longer term, average sales volumes jumped 3% year-over-year, while prices are down 26%, and miles and age are both down 4%.
“Seasonally, August is the second-best sales month of the year, exceeded only by October,” said Steve Tam, Vice President at ACT Research. “Auction sales also improved in August but recouped only a portion of the decline they saw in July. Wholesales rounded out the upbeat August market, with dealers trading 46% more trucks compared to July. Combined, the total market volume swelled 15% m/m in August.”
Tam also commented on how the disposal of equipment from Yellow’s bankruptcy is being handled. Like the liquidation of their terminals, the company overseeing the shutdown is actively seeking buyers for the trucks and trailers. Bids for interested buyers are due by Oct. 13.
“While estimates vary, the company owns approximately 12,000 tractors (primarily Class 8 day cabs) and 35,000 trailers,” Tam said. “A sizable chunk of tractors was acquired within the past couple years. These late-model, low-mileage units will probably never see a used truck dealer’s lot or the auction block. This will help to prevent the accelerated depreciation that would have hit had the trucks flooded the secondary market.”
