Trucking news and briefs for Friday, March 24, 2023:
Used truck sales were up slightly month over month in February, while prices declined, miles were flat and age was down.ACT Research
The small improvement in volume paled in comparison to the 233% sequential increase in auctions sales and a 55% jump in wholesale transactions. Combined, the used truck industry saw preliminary same dealer sales increase 49% month over month, the company said.
"Traditionally, February is not a particularly robust month for sales, but the cycle seems to keep finding ways to extend itself just a little further," says Steve Tam, ACT Research vice president. "As new truck sales have slowed in January and February, it is safe to assume used truck volumes will follow suit in the next few months."
On a year over year basis, volumes were down 20% from February 2022 with pricing down even more, 24%.
"As expected, declines are becoming progressively more negative," adds Tam, though the pricing declines are clearly a positive for those in the market to buy. "This is the result of the fact that prices increased in early 2022, reaching their zenith in April. While the retail market held up reasonably well in February, the preliminary average sale price for all units, including auction and wholesale transactions, fell an astounding 20% month over month."
[Related: Owner-operators adapt to skyrocketing used-truck pricing with tight volume: Report from early 2022]
