Trucking news and briefs for Friday, March 29, 2024:
Used-truck sales volumes were up both month over month and year over year in February, as prices rose on a monthly basis and fell annually.ACT Research
Used Class 8 average retail sales prices were up 4.4% month over month to $62,100 in February, ACT Research reported this week.
Prices were 14% lower on a year-over-year basis, said ACT Research Vice President Steve Tam.
“Until recently, our pricing expectations were for a return to month-over-month growth toward the end of 2024 as the most likely course. Despite February’s encouraging results, recent developments are putting pressure on the forecast,” Tam said. “Specifically, we are pushing expectations for the return to sustained month-over-month growth further out.”
Used sales volumes were down substantially, Tam noted. “Combined, the total market same-dealer sales volume fell 43% month over month in February. Compared to February 2023, the retail market accelerated 29%. The auction segment rose 89% year over year, while wholesale volumes increased 143% year over year. Combined market results saw volumes increase 57% year over year. Expectations for 2024 call for moderate growth relative to 2023.”
[Related: It's a deal: Perfect timing yields $50K saved on a new truck]
